Advent in talks to buy Whirlpool’s India stake for USD 1 bn

US-based Whirlpool Corporation is in the closing stage to sell its 31% stake in India-listed subsidiary Whirlpool of India to private equity firm Advent International, The Economic Times reports. The stake is valued at around INR 96.83 bn (USD 1 bn).

Deal structure: The proposed stake sale by the US parent, through its subsidiary Whirlpool Mauritius, would trigger a mandatory open offer for an additional 26%. This could lift Advent’s total holding to around 57%, giving it majority control, while Whirlpool Corporation’s stake would fall to below 25%.

Timeline: Advent has secured exclusivity with Whirlpool Corporation until late November, with an announcement expected in December and deal completion targeted in the first half of 2026.

Strategic rationale: Whirlpool Corporation is streamlining global operations to focus on high-margin product categories and debt reduction after reporting a USD 1.5 bn loss in 2022. It had previously sold a 24.7% stake in its India arm for INR 40.39 bn (USD 468 mn) in February 2024 as part of its restructuring.

Whirlpool’s name and technologies aren’t leaving India: Ahead of the planned sale, Whirlpool and its India subsidiary signed a series of long-term agreements — including a 30-year brand license with Whirlpool properties, a 10-year technology license with Whirlpool Corporation, and a transitional services agreement with Whirlpool Corporation.

The acquisition would mark Advent’s third major investment in India’s consumer durables sector. Growing investor confidence in India’s appliances and white-goods market reflects its projected expansion from about INR 1.86 tn (USD 22 bn) in 2025 to INR 2.52 tn (USD 29 bn) by 2030, according to IBEF.

More Gulf capital is flowing into India’s manufacturing and consumer sectors as GCC economies strengthen trade and investment links with New Delhi. The Abu Dhabi Investment Authority recently joined anchor investors in LG Electronics India’s 34.7 bn (USD 425 mn) IPO, highlighting growing sovereign wealth participation in India’s consumer market, the Economic Times reported.

ADVISORS: Goldman Sachs is advising on the transaction.