NEW YORK (TheStreet) -- Whirlpool Corp. (WHR) agreed to pay 758 million euros, or $1 billion, for a controlling stake in Italian appliance maker Indesit Co., its largest acquisition since buying former rival Maytag Corp. eight years ago, Bloomberg reports
Home appliance maker Whirlpool will pay 11 euros per share to Fineldo SpA and some members of Indesit's founding Merloni family for a combined 60% stake, Bloomberg noted.
The shares, which would be purchased at 4.5% above the latest closing price, represent 67% of the company's voting stock.
TheStreet Ratings team rates WHIRLPOOL CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHIRLPOOL CORP (WHR) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company shows weak operating cash flow."