International. Danfoss announced a public offering to purchase all shares of Finnish air conditioning driver company Vacon. Vacon shareholders were offered a cash consideration of €34 for each share of the brand, representing a total equity purchase price of approximately €1,038 million.
"After careful examination of Danfoss' offer, Vacon's Board of Directors has unanimously decided to recommend shareholders to accept the offer. Vacon is truly one of the great industrial successes, even in global terms. By joining forces, the two companies will create a global player – based in Nordic territory – with the clear ambition to build a leading position in the AC market," says Panu Routila, Chairman of the Board at Vacon.
Danfoss explained that the background for making the offer is the company's strategic focus on creating profitable growth. "Vacon is a good match to achieve this ambition. Today, both Danfoss Power Electronics and Vacon are major players in the AC industry, and together they will gain a stronger market position," Danfoss' official statement reads.
"We have a clear strategic ambition to be one of the absolute best players in the businesses in which we operate. Vacon is a very strong and innovative player and the creation of new units of this business can guarantee us a strong long-term growth trajectory," said Niels B. Christiansen, CEO of Danfoss.
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