JS Group Corp. Acquires Permasteelisa
August 4, 2011

By Sahely Mukerji

JS Group Corp. (JSGC) in Tokyo, through its consolidated subsidiary LIXIL Corp., has acquired the entire stock of Italy-based Permasteelisa from Cima Claddings S.A., a company indirectly controlled by the European private equity firms InvestIndustrial and Alpha.

According to the share purchase agreement, LIXIL will acquire 25,613544 common shares or 100-percent of the total shares issued and outstanding of Permasteelisa from Cima. The purchase price is expected to be approximately $819.4 million USD (573 million EUR). The originally reported offer price was $871 million USD (600 million EUR) . The transaction is subjected to the approval of competition laws in each country.

Permasteelisa will become a subsidiary of JSGC after the transaction, and help JSGC reinforce its Asian business, secure the U.S. and European markets, and further expand its business to the markets across the world, according to a news release issued by the company.

Permasteelisa, with its core business in high-end curtain walls, has operations in 27 countries.

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