Bajaj Electricals Ltd said it has signed a definitive agreement to acquire the intellectual property and brand rights of Morphy Richards in India and select South Asian markets for Rs 141.4 cr.
(Morphy Richards, founded in the UK in 1936, is globally known for its premium, design-led home appliances and personal care products.)
- The Company has already been selling the brand’s products under licensing arrangement in India since 2002.
- In 2022, the parties had extended their trademark licensing agreement for 15 years.
- Now as per the deal, Bajaj Electricals will fully own and steer the Morphy Richards portfolio in India, Nepal, Bhutan, Bangladesh, Sri Lanka and the Maldives.
- Consideration for acquisition is payable similarly in three equal tranches; the last being due in March 2028.
The deal is mostly neutral from an investors’ perspective.