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Arcelik is paying over €111 million ($127.2 million) to deepen its ties with American home appliances manufacturer Whirlpool, agreeing to acquire the U.S. company's remaining stake in Beko Europe and settle outstanding obligations linked to Whirlpool's former Russia operations.
The Turkish white goods manufacturer disclosed three related transactions on Thursday, including a €71.45 million deal to buy Whirlpool's 25% stake in Beko Europe, a €40 million payment to end Russia-related liabilities, and a ₺2 billion ($43.7 million) treasury share sale representing 2.9% of its capital to Whirlpool.
The acquisition of Whirlpool's remaining 25% stake in Beko Europe B.V. will give Arcelik full ownership of the European appliance business and bring an end to the shareholder agreement signed when the joint venture was established in 2024, but the existing brand licensing agreement will remain in force.
The company expects the deal to close by the end of June, subject to customary conditions.
Beko Europe was formed in April 2024 through the combination of Arcelik's European operations and Whirlpool's major domestic appliance business in the region.
The company manages brands including Beko, Whirlpool, Indesit, Hotpoint, Bauknecht and Grundig, and operates at least nine manufacturing facilities in Italy, Poland and Slovakia, producing refrigerators, cooking appliances, dishwashers, and washing and drying machines for European markets.
Separately, Arcelik agreed to settle all existing and future obligations tied to its 2022 acquisition of IHP Appliances, with a one-time €40 million payment terminating all remaining liabilities under the original agreement.
Whirlpool announced the sale in June 2022 as part of its withdrawal from Russia following the country's invasion of Ukraine. The acquisition, which included Whirlpool's manufacturing facility in Lipetsk, its sales organization in Moscow, and sales operations in Kazakhstan and selected CIS markets, was completed on Aug. 31, 2022.
Under the original agreement, payments were to be made over a 10-year period and were tied to the acquired business's performance. At the time of the transaction, the business's net asset value was estimated at approximately €220 million.
Arcelik, one of the flagship industrial companies in the portfolio of Türkiye's largest conglomerate, Koc Holding, generated ₺523.9 billion ($13.25 billion) in revenue in 2025.
The company has manufacturing facilities in Türkiye, Italy, Poland, Slovakia, Romania, Egypt, Pakistan and Bangladesh, and maintains manufacturing, sales and R&D operations in more than 50 countries.
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