Grandland Holdings Group

Grandland Group has agreed to acquire LIXL Group Corporation's shares in Permasteelisa Group for a base sale price of $467 million, creating a major global curtain wall player.

Chinese construction firm Grandland Holdings has withdrawn its EUR467 million (USD527 million) plan to acquire Italian curtain wall builder Permasteelisa after failing to obtain approval from the US Committee on Foreign Investment. The deal was announced in August 2017.

A US government panel blocked Japanese company Lixil from selling its Italian cladding subsidiary Permasteelisa to Chinese firm Grandland for €467 million, citing national security concerns.

Grandland Holdings Group announced it will acquire 100% of Permasteelisa S.p.A., a global leader in curtain wall manufacturing, from LIXIL Corporation for EUR 467 million. The transaction is subject to regulatory approvals, and Permasteelisa's management will remain.