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Business deals

Turkey's appliance king chases Asian growth with Bangladesh deal

Arcelik buys Singer for $75m to ready for rising white goods demand

People pass through a business district of Dhaka, Bangladesh. (Photo by Takaki Kashiwabara)

ISTANBUL -- Turkey's leading appliance maker Arcelik agreed on Friday to buy a controlling stake in the listed Singer Bangladesh, a leading home appliance manufacturer and retailer in the South Asian country.

Arcelik will pay $75 million for a 57% stake in Singer Bangladesh now owned by Netherlands-based Retail Holdings.

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