Global private equity firm Advent International has ended talks to acquire a 31% stake in Whirlpool of India from its US parent, Whirlpool Corp, after failing to reach agreement on pricing, according to a report by Reuters citing unnamed sources familiar with the matter.
The acquisition would have triggered a mandatory open offer for an additional 26%, giving Advent a controlling 57% stake and a total deal value of around $1bn.
Sources said the breakdown stemmed from differing views on valuation, with Advent seeking a lower price due to short-term headwinds in the Indian market, including tighter product standards and energy efficiency regulations. Whirlpool Corp’s objective, by contrast, was to maximise cash proceeds to reduce debt as part of a wider global asset restructuring.
Whirlpool of India, a household name with a legacy “Whirlpool, Whirlpool” brand jingle, reported a 16% increase in revenue to $880m in the financial year through March. However, increased competition from LG Electronics India and Samsung has pressured sales. Advent’s interest reflected its broader strategic push into India’s consumer durables sector, where it already holds stakes in companies such as Eureka Forbes.
