Hayleys PLC has acquired a 61.73% stake in Singer (Sri Lanka) PLC for Rs. 10.9 billion, in what is the largest acquisition of a listed company in Sri Lankan history.

Target Company Information

Hayleys PLC has successfully acquired 61.73% of Singer (Sri Lanka) PLC from Retail Holdings (Sri Lanka) BV in a landmark deal valued at Rs. 10.9 billion. Retail Holdings retains the option to sell its remaining 9.47% stake in Singer to Hayleys or its nominees within the next 12 to 15 months for an additional Rs. 1.7 billion. If this option is exercised, the total value of the transaction would amount to Rs. 12.6 billion, making it a historic acquisition in Sri Lanka's capital market.

This acquisition not only surpasses the previous record, set in December 2016 with a transaction value of Rs. 10.6 billion for Commercial Credit and Finance PLC but also highlights the growing significance of strategic mergers within Sri Lanka's corporate landscape.

Industry Overview in Sri Lanka

The consumer goods sector in Sri Lanka has observed significant growth in recent years, driven by rising disposable incomes and an expanding middle class. Companie