TOKYO - Japanese building materials company Lixil Corp. is buying bathroom fittings maker Grohe for 3.06 billion euros ($4.1 billion) in the biggest investment in Germany by a Japanese company.
The companies said Thursday that Lixil, which has been eager to expand overseas, will acquire an 87.5 per cent stake in Grohe Group through a joint venture with the Development Bank of Japan.
Grohe makes luxury bathroom, shower and kitchen products. The transaction still needs regulatory approval.
When the deal is completed, Joyou AG, a Chinese bathroom maker in which Grohe owns a majority stake, will become an affiliated company under Lixil.