Household Appliances | San Francisco, CA | Corporate Acquisition
Electrolux (STO: ELUX-B) has agreed to acquire Anova Culinary, maker of the Anova Precision Cooker, for $115 million upfront, with the possibility of an additional $135 million to be paid depending on future financial performance. Anova’s direct-to-consumer business model and digital focus are strategic interests of the appliance manufacturer. Anova launched on Kickstarter in 2014 with products that were only available online; since then, the company has expanded into US retailers Target and Best Buy. Electrolux shares closed down 1.7% on the news at SEK227.90 (~$25.84) apiece.