By Greg Gao

Chinese home appliances manufacturer Midea Group acquired all shares of German robotics firm KUKA, the company announced on November 15.

Midea's announcement showed that the purchase price is determined by evaluation at €80.77 per share, and the total amount is €150.5225 million, according to the requirements of relevant local laws and regulations in Germany.

After the acquisition, Midea will hold 100% of KUKA's equity through its wholly-owned overseas subsidiary. The company will be delisted from the Frankfurt Stock Exchange in Germany.

The Chinese appliances titan said in November 2021 that it intends to fully acquire KUKA through its wholly-owned subsidiary Guangdong Midea Electric and take the German industrial robots maker private.

KUKA is one of the largest robot companies in the world. In 2016, Midea acquired nearly 95% of KUKA's shares and became its largest single shareholder.

The new acquisition will help KUKA focus on business operations and enhance the company's internal resource coordination and sharing in the field of robotics and other automation-related businesses, according to Midea.