Chinese home appliances maker Hisense Electric Co Ltd has won the bidding process for Slovenian appliances producer Gorenje, which said it received three binding offers by interested strategic partners from Asia on Tuesday.

Hisense offered the best bid of 12 euros ($14.2) per share subject to its acquisition of 50 percent plus one share of Gorenje in the takeover procedure, the Slovenian firm said in a statement on its official website.

Hisense has committed to launch a takeover intent within 15 days and to make a takeover offer in accordance with the statutory deadlines, according to Gorenje.

Gorenje said on Tuesday it received bids from three companies who had performed due diligence over the past several weeks, but it did not reveal the names of the bidding companies.

The other two bidders were identified as the Chinese home appliance maker Haier Group and Hefei Meiling Co Ltd, according to reports by local newspapers Finance, Delo and Dnevnik. The three bidders declined to comment on the matter.

Gorenje reported in March that its 2017 net profit fell 84 percent due to cost pressures and strong competition. It was seeking a strategic partner to increase cost efficiency and strengthen the brand.

“Acquiring local companies is the easiest way for Chinese household appliances producers to expand their presences in the global market,” said Zhang Yanbin, assistant director of All View Cloud, a Beijing consultancy specializing in home appliances, adding the European market is of great significance to Chinese appliance manufacturers.

The Chinese home appliances market is almost saturated, so domestic makers are looking overseas to find new business growth points. The acquisition will allow the Chinese company to obtain local customers quickly and reduce production costs, Zhang said.

Hisense, which is based in Qingdao, Shandong province, has been relying on its go-global strategy to expand. “Hisense is counting on overseas markets for future growth,” said Zhou Houjian, the company’s chairman, in an earlier interview, adding it is targeting the middle and high-end segments of the market.

The company has secured sponsorship deals for the 2018 FIFA World Cup, becoming the first-ever Chinese consumer electronics brand to sponsor the tournament.

Haier’s 2017 Annual Report released on April 3rd, Haier posted revenue of 159.254 billion RMB, a year-on-year rise of 33.68%, with profit up by 28.77% year-on-year to register 10.544 billion RMB. Net profit attributable to shareholders of the parent company came to 6.926 billion RMB with a growth of 37.37% compared to a year ago. Basic earnings per share reached 1.136 RMB with a year-on-year growth of 37.36%.

Qingdao Haier attributed its strong track record to its efforts in leading high-end market domestically with an upgraded product mix, and expanding brand presence in overseas markets, which took the lead in profit.

According to data from China Market Monitor, the market share of Qingdao Haier’s refrigerators, washers, air conditioners, water heaters, hoods, ranges grew by 3.4%, 2.3%, 0.5%, 1.3%, 1.12% and 1.06% in retail sales value terms in 2017. Its leading position in refrigerators and washers was consolidated, with a market share 2.9 and 1.7 times of that of the runner up by retail sales value in the two respective sectors. In 2017, Carsate, Haier’s high-end brand, saw its revenue rise by 41% with a market share of 35% in China’s high-end home appliance (priced above 10,000 RMB) market. Carsate’s refrigerators and washers took a market share of 30% and 69% respectively in the markets of respective products charged above 10,000 RMB, and its air conditioners 40% in the market of air conditioners priced above 16,000 RMB.

As to channels, revenue from e-commerce platforms surged with a growth of 70% in 2017, following its deployments in rebalancing channel mix, expanding consumer touch points and improving the share of high-end products. Connecting online stores, offline stores and Wechat-based stores, ehaier.com integrates its networks of marketing, logistics, information and service as an interactive platform running around the clock, creating transaction value of 4.5 billion RMB thanks to its 1 million Wechat store owners, 20,000 offline stores and 30,000 user communities