ITALY – Mitsubishi Electric have announced that they have completed the takeover of DeLclima, following on from the acquisition of approximately 74.97% of the share capital of DeLclima S.p.A. from De’Longhi Industrial S.A. on the 23^rd of December 2015. This initial acquisition was responsible for Mitsubishi Electric launching a mandatory tender offer and squeeze-out in order to acquire the remaining shares representing approximately 25.03% of the share capital of DeLclima listed on the Electronic Stock Market organized and managed by Borsa Italiana S.p.A.

Consequently, Mitsubishi Electric completed its acquisition of all the remaining shares and became the sole owner of DeLclima’s share capital today. All of the DeLclima shares have henceforth been delisted from the Electronic Stock Market. The company revealed that the total purchase price in relation to the original acquisition from De’Longhi Industrial was €508 million, with a per-share price of €4.5271, while the total consideration in relation to the mandatory tender offer and the squeeze-out was approximately €170 million, again with a per-share price of €4.5271.

As a result, the total cost of the purchase of 100% of DeLclima’s shares amounted to approximately €677 million. Mitsubishi Electric also revealed its intention to swiftly realize synergies with DeLclima and strengthen its commercial heating, ventilation and air conditioning business globally.