Paloma Rheem Holdings Receives Approval to Acquire Fujitsu General
India: The Competition Commission of India has approved Paloma Rheem Holdings' acquisition of Fujitsu General for USD 1.6 billion. Fujitsu General, a Japanese air-conditioning manufacturer, provides solutions for residential, commercial, and industrial sectors and operates in India through its subsidiary Fujitsu General (India) under the O General brand. The acquisition will make Fujitsu General a wholly owned subsidiary of Paloma Rheem Holdings, a global company specialising in air conditioning and water heating solutions. The transaction has been approved under the green channel route, which allows automatic clearance for mergers that do not raise competition concerns.
The deal is expected to help Paloma Rheem Holdings expand into new international markets and advance integrated air and water solutions for decarbonisation. The CCI noted that the acquisition does not result in any horizontal overlaps, vertical links, or complementary relationships between the businesses of Paloma Rheem and Fujitsu General in India, ensuring no adverse effect on competition. Paloma Rheem previously announced its intention to make a tender offer to acquire all outstanding shares of Fujitsu General, further solidifying its position in the global air-conditioning market.
Source: Economic Times