China Development Bank provides a loan for Haier's acquisition of Sanyo Electric's white goods sales divisions in Japan and Southeast Asia

Project narrative

On July 28, 2011, Haier Group Corporation — a Qingdao, China state-owned home appliances and consumer electronics company — signed a memorandum of understanding (MoU) for the acquisition of Sanyo Electric Co., Ltd. — a Japanese electronics company owned by Japan's Panasonic Corporation — for the acquisition of Sanyo's white goods business, namely its washing machine and household refrigerator business in Japan and its white goods business in four Southeast Asian countries, for a consideration of ¥10 billion JPY (~$130 million USD). Sanyo would transfer the equity of nine wholly-owned or joint venture companies in four companies in Japan and five in Southeast Asia and sell home appliances like televisions, air conditions, washing machines, and refrigerators with the "SANYO" brand in the four Southeast Asian countries for a number of years. It included the sale of four companies developing and selling washing machines in Japan and five in Southeast Asia selling household appliances. Specifically, it included Sanyo's washing machine unit Sanyo Aqua, Konan Denki, a manufacturer of washing machines, refrigerator maker Haier Sanyo Electric, refrigerator Haier Electric Thailand, a Vietnam-based maker and distributor of refrigerators and washing machines, and units in Malaysia, the Philippines, and Indonesia On October 18, 2011, Haier and Sanyo Electric signed a final agreement on the acquisition, which was expected to be completed between January and the end of March 2012. Circa 2011, China Development Bank Corporation (CDB) issued a loan in support of Haier's acquisition. The acquisition was officially completed on March 30, 2012.