Koç Holding-backed Arçelik, a manufacturer and distributor of consumer electronics, agreed to acquire a 60% stake in Hitachi Global Life Solutions, a manufacturer and distributor of home appliances, for $300m and form a joint venture. “Hitachi GLS has strong presence in Southeast Asia, offers high-end home appliances in the rapidly growing Asian market and is a strong strategic fit for Arçelik in terms of geography, brand, and products. This historic joint venture with Hitachi GLS serves as a major step in our ambitious global expansion and our journey to becoming one of the world's top home appliances companies. This joint venture significantly advances Arçelik's and Hitachi's global strategies and has solid future growth prospects as it will benefit from synergies realized by the joining forces of two well-established players," Hakan Bulgurlu, Arçelik CEO.