Welbilt: Provides Update on Acquisition by Ali Group

Milan / IT. (ali) Welbilt Inc. announced that the proposal to adopt and approve the Merger Agreement with Ali Holding S.r.l., Ali Group North America Corporation and Ascend Merger Corp. (collectively «Ali Group») was approved today by Welbilt stockholders with 99.72 percent of shares that were voted cast in favour of the pending merger. In addition, Welbilt and Ali Group have submitted regulatory filings in all required jurisdictions, including the U.S., United Kingdom, and European Union. The companies have received a second request for information from the U.S. Department of Justice which focuses on the companies’ ice brands. The companies have decided that they will proceed with divesting Welbilt’s Manitowoc Ice brand to address concerns raised by the U.S. Department of Justice. Welbilt and Ali Group are confident that this step will ensure regulatory approval. The companies expect to complete the sale of Manitowoc Ice in early 2022 and then close the acquisition of Welbilt by Ali Group shortly thereafter.