Egypt: Electrolux postpones Egypt deal
Sweden's Electrolux has postponed a $480m deal to acquire a controlling stake in Cairo-based Olympic Group, the biggest home appliance maker in the Middle East and North Africa region, because of the current unrest.
In October 2010, Electrolux signed a preliminary agreement with Paradise Capital to acquire 52% of Olympic Group for Financial Investments S.A.E.
Olympic Group has 7,300 employees and manufactures washing machines, refrigerators, cookers and water heaters. In 2009, the company had sales of EGP 2.1 billion (some US$400 million) and an estimated volume market share of approximately 30% in Egypt.
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