STOCKHOLM (dpa-AFX) - Smart kitchen brand Anova Applied Electronics, Inc. announced Monday that it has entered into an agreement to be acquired by Swedish home appliances giant Electrolux AB (0MDT.L, 0GQ1.L, ELUXY.PK). The deal price would be $115 million in cash up front and an additional $135 million, subject to adjustments and the achievement of certain financial objectives.
Following the deal, Electrolux aims for Anova to retain its unique culture. Anova will continue to operate under the leadership of Stephen Svajian, CEO and co-founder of Anova.
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US.
Svajian said, 'Our vision has always been about building an Anova Kitchen-a kitchen where devices are accessible, affordable, and connected in a meaningful way to help people cook like pros, every day. We're excited to join the Electrolux family and to continue this mission of building the smart kitchen of the future.'
Copyright RTT News/dpa-AFX