FOR IMMEDIATE RELEASE
| Nidec Corporation
| Tokyo Stock Exchange code: 6594
Released on April 22, 2019, in Kyoto, Japan
Nidec to Sell Its Secop Compressor Business to ESSVP IV Advised by Orlando Management
Nidec Corporation (TSE: 6594; OTC US: NJDCY) (the “Company” or “Nidec”) announced today that two Nidec subsidiaries, Nidec Europe B.V. and Nidec Americas Holding Corporation will sell Nidec’s entire compressor business, Secop, to ESSVP IV L.P., ESSVP IV (Structured) L.P., and Silenos GmbH & Co. KG (collectively “ESSVP IV”), advised by Orlando Management AG (“the Transaction”).
This Transaction is made following Nidec’s commitment to the European Commission to sell certain of its compressor business lines to a suitable purchaser as condition for the European Commission’s approval of Nidec’s acquisition of Embraco from Whirlpool Corporation, which was obtained on April 12, 2019.
The current Transaction is subject to regulatory approvals in Germany, Austria and Spain, as well as the approval of the European Commission. To this end, Nidec has filed with the European Commission its reasoned proposal of ESSVP IV as a suitable purchaser, together with a copy of the Transaction documents, including the Share Purchase Agreement. In addition, in advance of the signing, several communications and meetings have taken place between ESSVP IV’s advisor Orlando and the European Commission as well as the Monitoring Trustee to discuss the approval.