Sweden-based Fagerhult announced on December 21 that it has signed an agreement to acquire iGuzzini, the Italian lighting group for EUR 385 million (US$ 439 million).
According to Fagerhult, the price of EUR 385 million will be paid with 74 percent in cash and 26 percent in new Fagerhult shares. The transaction is expected to complete in the first quarter of 2019.
With iGuzzini joining the Fagerhult Group will, the largest lighting company in the Nordic countries will increase its presence in Italy, Switzerland, Spain and North America. The combined companies will have annual consolidated net sales of over SEK 8,000 million (US$ 884 million).
In October, Fagerhult signed a Letter of Intent (LOI) with the shareholders of iGuzzini which noted that a Share Purchase Agreement should be completed by the end of 2018.
