New Delhi, Sept. 2 -- Gujarat-based Lioli Ceramica Pvt Ltd (LCPL) has said that it has sold its majority stake to the Israeli Caesarstone Ltd.
Under the terms of the transaction, Caesarstone has entered into a definitive agreement to acquire majority ownership in Morbi's LCPL for a cash investment of approximately $22 million, based on the achievement of certain milestones. The deal is for approximately $12 million in cash and assumption of debt of LCPL. The purchase, representing an enterprise (total) value of $34 million, also includes a possible $10 million in additional consideration, according to Caesarstone US Exchange filings and sources.
The transaction is expected to be closed this year, subject to customary closing conditions. P...