Bosch and German conglomerate Siemens AG (SIEGY: Quote) agreed that Robert Bosch GmbH will acquire Siemens’ 50 percent stake in the joint venture BSH Bosch und Siemens Hausgeräte GmbH or BSH. The purchase price will total 3 billion euros. In addition, Siemens and Bosch will each receive from BSH an additional distribution of 250 million euros before the transaction is completed.
The transaction has been approved by the Board of Management and Supervisory Board of Bosch and the Managing Board and Supervisory Board of Siemens.
The transaction, which still requires regulatory approval, will probably be completed in the first half of calendar year 2015. BSH will then become a wholly owned subsidiary of the Bosch Group.
As per the terms of the agreement, BSH will also be allowed to produce and market household appliances under the Siemens brand over the long term.
In 1967, Bosch and Siemens combined their activities in the area of household appliances to create the joint venture BSH.