India Business Journal - Advent-Whirlpool negotiations to buy the latter’s Indian arm fail over valuation

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Advent-Whirlpool negotiations to buy the latter’s Indian arm fail over valuation

IBJ Bureau
Dec 07, 2025

Global private equity firm Advent International’s talks to acquire US company Whirlpool’s India unit for up to $1 billion have collapsed due to disagreements over valuation, four people familiar with the matter have told Reuters.

Advent had emerged as the frontrunner to acquire a 31 per cent stake in Whirlpool of India from its Michigan-based parent, Whirlpool Corp, which would have triggered a mandatory open offer to acquire a majority stake.

In January, the US-listed home appliances- maker had said that it had a 51 per cent stake in its India unit and wanted to pare that to about 20 per cent to pay off a major chunk of its debt amid a major rejig of its global assets. At the time, it had said that it could get net cash proceeds of $550 million to $600 million from the sale.

If Advent had acquired the 31 per cenr stake, it would have triggered a mandatory open offer for an additional 26 per cent under Indian regulations, giving it a controlling 57 per cent stake. That, the sources say, would have translated into a total deal value of $1 billion for Advent.

Advent has declined to comment, while Whirlpool has not responded to the Reuters’ queries. The sources have declined to be named, as the matter is confidential.