Midea Group — Midea: Teka, Arbonia Climate and the Spanish redundancy agreement

analysisThe 2025 consolidated notes state that Midea completed the Teka acquisition in April 2025. Agreements with Heritage B and Spala Investments covered 97.38% and 2.62% respectively for total consideration of €213.011 million. The group’s strategy was to expand its overseas smart-home business. The June 2024 agreement, April 2025 completion and subsequent shareholder registration are different milestones. Earlier reported price estimates are superseded by the acquisition accounting disclosure. ¹

analysisMidea’s accounts describe the acquisition of 22 Arbonia Climate subsidiaries under an April 2024 agreement, completed in February 2025. The agreement consideration was €542.425 million, with adjusted acquisition-date consideration of RMB4.122 billion. The group subsequently described MBT Climate as the platform combining European heating resources. The acquired climate division is not the entire Arbonia listed group. Agreement consideration, adjusted accounting consideration and annual net cash outflow are distinct measures. ^{1 2}

analysisFebruary 2026 reporting says a majority of Teka workers backed a preliminary redundancy agreement negotiated by management and the UGT-FICA, CCOO and CSIF unions. The plan reduced 99 proposed dismissals to 80, potentially to 66 if 14 relocations took place; 34 were expected at Santander. The 66 figure depends on the potential relocations. It should not be presented as a verified final number of completed dismissals or as the direct endpoint of a differently scoped earlier 574-person proposal. The reported terms included voluntary participation, redeployment assistance, compensation of 40 days per year subject to a 30-month cap and protections lasting three years. The retained article reports majority support while another site’s vote was still pending; it is a negotiated-stage account, not a final implementation audit. ³