Huaran News
Huaran assisted the equity transfer of POVOS Kitchen Electrical Appliances to Philips
Published:2011-10-21 Source:华然咨询
On 20th October, Shanghai POVOS Enterprise (Group) Co.,Ltd (aka POVOS) announced that the equities transfer of POVOS’s Kitchen Electrical Appliances Business to Royal Philips Electronics (aka Philips)was approved by relevant Chinese ministries on 19th October. The whole acquisition was settled on the same day. Shanghai Huaran Investment Consulting Group (HICG) was employed by POVOS as the M&A Advisor in this deal.
The Kitchen Electrical Appliances sold by POVOS consists of rice cooker, induction cooker, electric pressure cooker, electric kettle, water dispenser & water purifier, etc. The deal does not involve POVOS’ home & personal electrical appliances such as shaver, hair drier, and clothes steamer. After the settlement, POVOS and Philips will have the joint ownership upon the brand “POVOS”, managing separately in the regarding business. HICG believes that the brand “POVOS” will be internationalized and expanded by the help of Philips, the Fortune 500 Multinational Enterprise. Nevertheless, the deal is a great opportunity for POVOS to seize the global small home electric appliances market.