4/11/2011 7:00 AM
NIBE Industrier AB (publ) of Sweden (“NIBE”), one of the leading heat pump manufacturers in Europe, has signed individual share purchase agreements with several large shareholders in the Swiss heating, cooling and washing technology company Schulthess Group AG (“Schulthess”) to acquire in aggregate 31.13% of the shares in Schulthess (the “Share Purchases”). NIBE also announces a recommended voluntary public tender offer to the remaining shareholders in Schulthess to acquire their shares at the same price as in the Share Purchases of CHF 60 per share, to be paid 60% in cash and 40% in new NIBE B shares (the “Offer”). The shares in Schulthess are listed on the SIX Swiss Exchange.
“This transaction is definitely NIBE’s largest to date, and I am convinced that it will be very successful. The transaction between Schulthess and NIBE represents a strategic match and is well in line with our long‐term strategy in the evolving sustainable energy solutions markets in Continental Europe. It is also pleasing that both businesses share the same entrepreneurial tradition, market experience and technological vision”, says Gerteric Lindquist, CEO of NIBE.
“As Chairman of Schulthess Group, I am convinced that together with NIBE, we become a strong market leading company for sustainable energy solutions. From an industrial standpoint, combining both companies into one group is very compelling and attractive from a financial perspective, for our shareholders. They will benefit in future from the outstanding potential of an excellent European company“ says Rudolf Kägi, Chairman of Schulthess.
1 Exchange rate used for all CHF/SEK conversion in this press release: 1 Swiss Franc (CHF) = 7.0 Swedish Krona (SEK).