Arçelik, a Turkish household appliances manufacturer, has inked an agreement to buy a majority stake in peer Singer Bangladesh for $75 million.

Under the deal, Arçelik’s wholly owned subsidiary, Ardutch BV, will buy a 57 percent stake in Singer Bangladesh's majority shareholder Retail Holdings Bhold BV.

Retail Holdings NV said that the Singer Bangladesh business will benefit significantly from the new partnership with Arçelik.

Singer Bangladesh will also have access to the extensive Arçelik brand portfolio. Arçelik said that the transaction gives it an opportunity to inject in Bangladesh.