Advent nears majority control of Whirlpool India; deal likely by year-end: Report

Private equity firm Advent International is in advanced talks to acquire a controlling stake in Whirlpool of India Ltd, the local arm of US-based Whirlpool Corp, the Economic Times reported on Monday, citing people familiar with the matter.

Advent, now the sole contender for the stake, is negotiating to buy about 31% in Whirlpool India from the Michigan-based parent, which plans to retain 20% in the company, the report said.

The US firm aims to complete the transaction by end-2025, having already exceeded its internal timeline, according to the newspaper.

The talks are currently under a “deal exclusivity” period that runs until late November, the report said, citing unnamed sources. The shares in Whirlpool India are held through Whirlpool Mauritius.

A sale would trigger an open offer for an additional 26% as per Indian takeover rules. If fully subscribed, Advent could own about 57% of the company for a total value of ₹9,682.9 crore based on current market prices, while Whirlpool Corp would remain a minority shareholder.

Advent’s investment would mark its third acquisition in India’s appliances sector, following earlier deals involving Crompton Greaves’ consumer business and Eureka Forbes.

The transaction talks gained traction after Whirlpool Corp and its affiliates signed long-term brand and technology licensing agreements with Whirlpool India last month, the Economic Times reported. These include a 30-year brand licence and a 10-year technology licence, which ensure business continuity for the India unit.

Whirlpool Corp’s Chief Financial Officer James W. Peters said during an earnings call on October 28 that the company expects to announce the transaction by December and complete it in the first half of 2026. The US firm plans to reduce its ownership in Whirlpool India to about 20%, using sale proceeds to repay debt, Peters said.

Whirlpool India’s market capitalisation stood at ₹16,987.5 crore as of Friday’s close on the BSE. The company, which ranks among India’s top four refrigerator and washing machine brands, reported FY25 revenue of ₹7,421 crore and net profit of ₹313 crore.

The stake sale process, advised by Goldman Sachs, began in April as part of Whirlpool Corp’s global restructuring after the company posted a $1.5 billion loss in 2022. Whirlpool had earlier sold a 24.7% stake in its Indian arm in February 2024 for ₹4,039 crore through block deals to institutional investors, including SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund.