THE WHAT? Wipro Consumer Care and Lighting (WCCL) has announced that it has signed a definitive agreement to acquire Canway Corp, according to a report published by LiveMint.
THE DETAILS Terms of the deal were not disclosed but the South Africa-based personal care company posted revenues of approximately US$21 million last year.
This is WCCL’s second acquisition of the year, following the company’s purchase of Philippines-based Splash Corp earlier in 2019.
THE WHY? Wipro revealed in a statement that Canway’s market leading Oh So Heavenly brand was the star attraction – the deal grants WCCL entry into South African and other African markets and therefore brings the firm closer to its goal of becoming a top-three player in the personal care category for the Asian and African regions.