Havells India to Sell Sylvania to the Chinese - Energy Watch News

Havells India to Sell Sylvania to the Chinese

Looking to sell an 80% stake in Sylvania to Shanghai Feilo Acoustics Co Limited. The deal puts the equity value of Havells Sylvania at US$204.6 million. Havells will receive US$163.7 million on the completion of the deal by February 2016. Havells will sell its remaining 20% stake in the next 3-5 years. Havells acquired Sylvania in 2007 and invested US$114.4 million over the last seven years. Under the deal, the entire debt of about US$33 million in addition to the pension liability of Sylvania will be transferred to Feilo. Havells India shares jumped nearly 8% after the announcement. http://luxreview.com/article/2015/12/sylvania-to-be-sold-to-the-chinese

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