M&A

M&A

Asian Paints acquires White Teak, Weatherseal Fenestration

BSE Announcements   BSE Announcements   Business Line  

Asian Paints is acquiring a majority stake in two Bangalore-based companies – White Teak and Weatherseal Fenestration. Both acquisitions will be made in a staggered manner over the next three years. In the case of Obgenix Software Pvt Ltd (popularly known by the brand name of White Teak) - Asian Paints would pick up 49% equity for INR 180 crore along with an earn out up to a maximum of INR 114 crore, payable after a year. The remaining 51% would be acquired in a staggered manner, for which the consideration would be decided upon by defined financial milestones. White Teak designs and trades in all types of decorative lighting products and fans. In case of Weatherseal Fenestration, Asian Paints will pick up 51% for INR 19 crore through a shareholders agreement and share subscription agreement. Another 23.9 % would be picked up in a staggered manner over the next three years. Weatherseal Fenestration, incorporated in March, 2022, is engaged in the business of interior decoration/furnishing, including manufacturing uPVC Windows and door systems.