Midea Group acquires Teka Industrial
Heritage B has announces successful agreement to sell Teka Group, engaged in manufacturing, distribution and sale of domestic appliances directly and indirectly through its subsidiaries, to Midea Group
The transaction will allow Teka to enhance and strengthen its competitive position, while preserving the legacy of a brand with more than 100 years of history. The deal is subject to the required approvals from the relevant regulators. The transaction is expected to close in the coming months.
Teka Group specializes in the design and manufacture of household appliances and sinks. With a presence in more than 120 countries, a team of nearly 3,000 professionals and 10 factories in Europe, Asia and America, Teka produces more than 3.1 million products per year.
KPMG Abogados has provided tax advice to Midea Group with a team formed by Pilar García Molinero (partner, pictured left), Álvaro Hernández (senior manager) and Concha Navarro Torrens (associate).
Ashurst has acted as legal advisor to Heritage B with a team formed by Jorge Vázquez (commercial and M&A partner, pictured right), Camilo Luna (senior associate), Begoña de la Riva (senior associate) and Beatriz Aizpún (associate). Competition and EU Law: Rafael Baena (partner) and Teresa Prado (associate). From bank and finance: Jose Christian Bertram (partner) and Manuela Sanz (senior associate) Tax: Javier Hernández Galante (partner) and Ignacio González del Yerro (associate).
