Watts Water Technologies acquired AERCO Korea Co., Ltd. (Watts Korea) for Approximately $4 million (for an additional 50% of the outstanding shares, taking the Company to majority control; a further 10% was acquired December 30, 2016 for $0.8 million), a transaction completed in February 2016, structured as Purchase of an additional 50% equity stake in a former 40%-owned joint venture, gaining control.
AERCO Korea Co., Ltd. (Watts Korea) operates in Asia-Pacific. Watts Water acquired an additional 50% of the outstanding shares of AERCO Korea Co., Ltd. (later renamed Watts Korea), a Korean entity previously operated as a joint venture in which Watts held a 40% interest, moving the Company to majority ownership.
Taking control of the former AERCO Korea joint venture expanded Watts' AERCO boiler and hot-water platform in the Asia-Pacific market.
On February 26, 2016, the Company acquired an additional 50% of the outstanding shares of AERCO Korea Co., Ltd. for an aggregate purchase price of approximately $4 million. Prior to February 26, 2016, the Company held a 40% interest in AERCO Korea, which operated as a joint venture.Watts Water Technologies, Inc., Form 10-K for the fiscal year ended December 31, 2016
Advisory firms were not disclosed for this transaction.