Electrolux Professional and Middleby Corp. (NASDAQ: MIDD) are said to be bidding about $1.2B for Welbillt’s (NYSE:WBT) Manitowoc ice business as part of Ali Group’s attempt to gain regulatory approval for its planned purchase of Welbilt.
Electrolux and Middleby are on the shortlist of bidders for the ice-making unit, according to traders, who cited a Bloomberg report. A winner may be announced this quarter.
Welbilt announced in late September that shareholders approved its sale to Ali Group and that the companies will proceed with divesting Welbilt’s Manitowoc Ice brand to allay concerns of the U.S. Department of Justice. The companies at the time said they expected the sale of Manitowoc Ice in early 2022 and then close the acquisition shortly thereafter.
Recall July, Ali Group acquired Welbilt in a $4.8B enterprise value deal. Source: Seeking Alpha