Italia-based CAREL, a provider of control technology and humidification for air conditioning and refrigeration (HVAC) with EUR 175 million turnover, announced that it has signed a binding agreement with Turkish CFM Soğutma ve Otomasyon A.Ş. to acquire 51 percent of its shares at a value of EUR 23 million. The remaining 49 percent can be acquired via put-call option system until 2027.
CFM is the long-standing distributor and partner of CAREL in Turkey, and the company says this acquisition and direct presence in the Turkish market will allow them to expand into the Middle East market.
"We are delighted to strengthen our partnership that has lasted successfully for many years. This agreement is an important milestone in the development strategy of both companies," CAREL Group CEO Francesco Nalini commented.
CFM is a provider of digital and on-field services and complete high added value solutions dedicated to OEMs, contractors and end users in the Turkish HVAC/R market.