Alston & Bird represented Perella Weinberg Partners as the financial advisor to global kitchen and laundry company Whirlpool Corporation in the divestiture of its European business to a new joint venture with Turkey-based Arçelik.
The new entity will have combined sales of over $6.5 billion and will be well positioned to deliver value to consumers through attractive brands, sustainable manufacturing, product innovation, and consumer services. The combined businesses are expected to generate substantial cost synergies and have more than 20,000 employees across multiple European countries.
The transaction is expected to close in the second half of 2023 and is subject to the receipt of required regulatory clearance and other customary closing conditions.
Advising Perella Weinberg Partners on the divestiture is partner Stuart Rogers of the firm’s Financial Advisors Team.