Electrolux Buys Egyptian Peer Olympic Group

STOCKHOLM (AP) -- Swedish appliance maker Electrolux AB says it has signed a deal to buy a 52 percent holding in Egyptian peer Olympic Group S.A.E. and will launch an offer for the remaining shares.

The company says it has signed a memorandum of understanding to buy investment firm Paradise Capital's shares in Olympic Group for 45.3 Egyptian pounds ($7.8) per share. The same price will be offered to other shareholders.

Electrolux Monday said the acquisition is part of its strategy to grow in emerging markets.

Olympic Group is the largest manufacturer of washing machines, refrigerators and cookers in the Middle East and North Africa. It has 7,300 employees and reported sales of 2.1 billion Egyptian pounds ($360 million) in 2009.