First Posted: 9/26/2013
(AP) Japan's Lixil Corp. is to take a majority stake in German bathroom fittings maker Grohe in a deal that values the company at 3.06 billion euros ($4.1 billion).
Grohe said Thursday that Lixil and the Development Bank of Japan will buy 87.5 percent of the company from the investors that currently hold the stake, TPG and DLJ Merchant Banking Partners. The deal foresees Grohe remaining an independent company.
Grohe says it and Lixil have a combined annual revenue of more than 4 billion euros in bathroom fittings. It expects the deal, which requires antitrust clearance, to close in next year's first quarter.Associated Press