Swedish lighting fittings and luminaires producer Fagerhult Group has completed the acquisition of Italian peer iGuzzini illuminazione S.p.A for 375.9 million euros ($421.6 million), in cash and stock.

The company paid $319.2 million in cash and 102.5 million in 11,244,805 newly issued Fagerhult shares.

Fagerhult financed the cash portion of the acquisition with a bridge loan that it intends to pay off by offering new shares of around $246.9 million to existing shareholders.

In 2018, the company generated revenue of approximately $593.3 million.