Japan's Lixil to Buy EU's Largest Bathroom Equipment Maker Grohe for $4bn
By Jijo Jacob | September 26, 2013 5:40 PM EST
Japan's Lixil Group Corp revealed it has reached a basic agreement to buy Europe's biggest bathroom equipment maker, Grohe, for around $4bn, making it the second multi-billion dollar European acquisition by a Japanese company in September.
"We reached an agreement on the major terms. There are small items to be left so in a few hours we will know," said Lixil Chief Executive Yoshiaki Fujimori in a press conference.
In a drive to push into regions with higher growth potential, Lixil also snapped up US toilet and plumbing fixtures maker American Standard for $542m (£337m, €401m).
Lixil said the basic terms of the deal have been finalised and the remaining details will be ironed out soon. It said a formal announcement of the deal to buy Grohe, from TPG Capital and the private equity arm of Credit Suisse, will follow shortly.
The Lixil offer came in the wake of media reports that the owners of Grohe were planning to list the company on the stock exchange as part of the process to exit the business.
If Lixil's plan to buy Grohe is completed, it will be the second big ticket acquisition in Europe by a Japanese firm this month.
Suntory Beverage & Food Ltd said it was buying GlaxoSmithKline's Lucozade and Ribena brands in a $2.2bn deal.
A Nikkei newspaper report said Lixil has already lined up 200bn yen for the transaction.
Grohe has presence in 130 countries and employs 9,000 people and is headquartered in Dusseldorf, Germany.
To report problems or to leave feedback about this article, e-mail:
To contact the editor, e-mail:
Most Popular Slideshows
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Top 5 Richest Tennis Athletes
Join the Conversation
- Sept 19 iPhone 6 Release Date Firms Up as iWatch Rollout Delayed to Jan 2015 – Reports
- Apple iWatch is iPhone 6 Accessory on Sept 19 Release Date: 6 Confirmed Specs & Features
- Canada Vs Russia War Erupts Via Twitter on Russia-Not Russia Maps
- Apple iOS 8 vs Android 5.0 L: OS Wars Puts Android to Lower while Apple to Higher
- James Foley Torture Involves CIA Waterboarding Technique
- North Korea Banker Who Manages Money of Kim Jong-un Defects to Russia With $5 Million
- Malaysia Airlines to Axe 4,000 Employees, Including CEO; Suspends Trading of Shares