Lotte Group’s Lotte Confectionery has decided to acquire Indian ice cream maker Havmor for about 165 billion won (US$151 million), according to news reports on Nov. 23.
The report said Lotte has approved the deal that includes acquisition of the entire stake and management rights.
Established in 1944, Havmor is based in Gujarat, western India. It is the nation’s second-largest ice cream maker after Amul and is the leader in its home state. Its annual revenue reaches about 90 billion won.
Considering the firm’s estimated EBITDA of about 8 billion won to 9 billion won this year, Lotte’s purchasing price is reportedly based on almost 20 times the value.
By Song Seung-hyun (email@example.com