Latham & Watkins acted as lead deal counsel advising Whirlpool Corporation (Whirlpool) on its strategic joint venture with Arçelik A.Ş (Arcelik), as part of its portfolio transformation. Whirlpool has entered into a contribution agreement under the terms of which Whirlpool will contribute its European major domestic appliance business, and Arcelik will contribute its major domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses into a newly formed entity of which Whirlpool will own 25% and Arcelik 75%, subject to adjustments. Separately, Whirlpool agreed in principle to the sale of Whirlpool's Middle East and Africa business to Arcelik. Whirlpool will retain ownership of its EMEA KitchenAid small domestic appliance business.
The multi-jurisdictional cross-practice Latham team was led by London corporate partners Sam Newhouse, Ed Barnett, and Christian McDermott, with associate Harriet Stephenson.