Dawlance, one of Pakistan’s largest home appliances maker has signed an acquisition deal worth $258 million with Turkey’s Arçelik AS Group.

Arçelik which is the world’s sixth largest home appliance maker has cited favorable economic conditions for the deal. Upon approval from all relevant authorities the deal is likely to be closed by the end of this year.

Sources suggest that Dawlance, which is owned by business magnate Bashir Dawood had been on auction block for the last five years.

Dawlance is one of the four major players in Pakistan’s home appliances market, others are PEL, Haier and Orient.

It makes appliances like refrigerators, freezers, air conditioners, microwave ovens and washing machines.

Dawlance has three factories and 37 branches in addition to 750-plus franchises across the country.