Complex Made Simple

Grohe acquired by Japanese firm for $4bn

Japanese building products group Lixil Group Corp has acquired Germany's biggest bathroom fittings company, Grohe, in a $4bn deal including debt, the largest ever investment by a Japanese company in Europe's biggest economy, Reuters has reported. Lixil has formed a 50-50 joint venture with the state-backed Development Bank of Japan (DBJ) to buy 87.5% of Grohe, creating a global group with more than €4bn in annual sales. The deal is expected to close in the first quarter of 2014.