Haier Smart Home Intends to Initiate a New Acquisition

On 18th July 2024, Haier Smart Home entered into the transaction with Electrolux Group in Sweden to acquire 100% equity interest in Electrolux South Africa Proprietary Limited ("ESA"), its subsidiary engaging in water heater business in South Africa, for an enterprise value of ZAR 2.45bn (approx. RMB 980m) .

South Africa is the second largest economy in Africa with a population of 61.4 million. ESA owns the century-old water heater brand Kwikot that specializes in diversified products and solutions of electric water heaters, solar water heaters, multi-energy solutions, gas water heaters and heat pumps. It is the leading water heater manufacturer in South Africa, with a double-digit EBITDA margin. Kwikot operates well-established distribution channels, installation network and after-sales service system to provide users with speedy response and quality services.