Billion dollar wash

Iowa-based Maytag, one of the world’s best known developers of home and commercial appliances, is to be sold to an investment group for $2.1 billion.

The company announced yesterday that an investor group led by the private equity firm Ripplewood Holdings will acquire all its outstanding shares in a cash merger for $14 per share.

The board of directors of Maytag has approved the deal and intends to recommend to Maytag’s shareholders that they do too.

The transaction is expected to close prior to year end, and is subject to closing conditions, including the receipt of financing and regulatory approval.

In addition to Ripplewood, other members of the investor group are RHJ International, GS Capital Partners and the J. Rothschild Group of Companies.