April 2 (Reuters) - ARÇELİK:

* SAID MONDAY TRANSACTIONS INVOLVING THE PARTNERSHIP OF

WHIRLPOOL

CORP. AND ARÇELIK'S EU OPERATIONS UNDER CONTROL OF ARÇELIK AND

ACQUISITION OF WHIRLPOOL CORP.'S ACTIVITIES IN MENA CLOSES

* FOLLOWING FULFILLMENT OF THE CLOSING CONDITIONS STIPULATED

IN

AGREEMENT, ON APRIL 1, ENTIRE SHARE CAPITAL OF WHIRLPOOL EUROPE

HOLDING BV (WHIRLPOOL EUROPE), WHICH OWNS ALL PRODUCTION, SALES,

AND MARKETING SUBSIDIARIES OF WHIRLPOOL CORPORATION IN EUROPE,

WAS TRANSFERRED BY WAY OF IN-KIND CAPITAL CONTRIBUTION TO BEKO

EUROPE, WHERE ARÇELIK'S EUROPEAN SUBSIDIARIES' SHARES WERE

TRANSFERRED, WITH 75% OF BEKO EUROPE'S CAPITAL ALLOCATED TO BEKO

B.V. AND 25% TO WHIRLPOOL EMEA

* POST-CLOSING, ULTIMATE PARTNERSHIP STRUCTURE WILL BE

DETERMINED

BASED ON THE CLOSING FINANCIAL STATEMENTS TO BE PREPARED WITHIN

A MAXIMUM OF 90 DAYS, FOLLOWING FINALIZATION OF THE NET

INDEBTEDNESS AND NET WORKING CAPITAL ADJUSTMENTS.

* PARTIES WILL MAKE CASH PAYMENTS TO BEKO EUROPE OF UP TO

EUR 30

MILLION (IF NEEDED) TO ENSURE THAT PARTNERSHIP RATIO REMAINS

SAME AS DETERMINED BY FINALIZED CLOSING FINANCIAL STATEMENTS

* IN EVENT THAT THERE IS A NEED FOR A PAYMENT EXCEEDING THE

PREDETERMINED AMOUNT TO MAINTAIN THE PARTNERSHIP RATIO, THE

PARTIES HAVE THE RIGHT TO MAKE SUCH PAYMENT OR ACCEPT A NEW

PARTNERSHIP RATIO

* CONSOLIDATED NET REVENUE FOR ARÇELIK'S SUBSIDIARIES

SUBJECT TO

THE TRANSACTION AT END OF 2023 IS APPROXIMATELY EUR 2.4 BILLION

* CONSOLIDATED NET REVENUE FOR WHIRLPOOL'S EUROPEAN

SUBSIDIARIES

SUBJECT TO THE TRANSACTION AT THE END OF 2023 IS APPROXIMATELY

EUR 3 BILLION, BASED ON UNCONFIRMED FINANCIAL INFORMATION

* ALL SHARES OF TWO SUBSIDIARIES OF WHIRLPOOL CORPORATION,

NAMELY

WHIRLPOOL MEEA DMCC AND WHIRLPOOL MAROC S.A R.L., OPERATING IN

MENA MARKET IN UNITED ARAB EMIRATES AND MOROCCO, RESPECTIVELY,

ALONG WITH WHIRLPOOL'S ACTIVITIES IN MENA REGION, WERE ACQUIRED

BY BEKO B.V. ON APRIL 1, FOLLOWING CLOSING PROCEDURES OUTLINED

IN MENA SHARE PURCHASE AGREEMENT

* TRANSACTION AMOUNT, WHICH WAS ESTIMATED AT EUR 20 MILLION

SUBJECT TO ADJUSTMENTS FOR NET INDEBTEDNESS AND NET WORKING

CAPITAL BASED ON CLOSING FINANCIAL STATEMENTS, HAS BEEN

CALCULATED AS EUR 38 MILLION, TAKING INTO ACCOUNT THE IMPACT OF

CURRENT FINANCIAL INFORMATION ON THE NET CASH POSITION, AND

* THIS AMOUNT WAS PAID TO WHIRLPOOL EMEA ON APRIL 1, 2024

* THIS AMOUNT WILL ALSO BE SUBJECT TO FURTHER ADJUSTMENTS

BASED ON

THE FINALIZED CLOSING FINANCIAL STATEMENTS

* ESTIMATED CONSOLIDATED NET REVENUE OF THE WHIRLPOOL

SUBSIDIARIES

ACQUIRED IN THE MENA TRANSACTION FOR THE YEAR 2023 IS

APPROXIMATELY EUR 121 MILLION.

Source text for Workspace:

Further company coverage:

(Gdansk Newsroom)