The European Commission has approved Qingdao Haier Co. Ltd.'s proposed acquisition of Italian home appliances maker Candy SpA, stating that the deal would raise no competition concerns due to Haier's "limited presence" on the European markets for electric domestic appliances, according to a Dec. 14 news release.
Haier's agreement with Candy was announced in September. The Chinese consumer electronics company's collaboration with Candy's management team will allow the company to expand its presence in smart home appliances in Europe, particularly in the field of the internet of things.
Haier said the investment is an important milestone in its global development strategy. As part of the deal, Haier said it will invest €475 million to further boost its growth in the European market.
The deal is expected to close by early 2019. Upon completion, Haier will transfer its European headquarters to Brugherio, Italy, where Candy is headquartered.
The European Commission received notification about the transaction Nov. 8.