ZF signs pact agreement to acquire WABCO for $7 billion
Bern [Switzerland], Mar 29 (ANI): Global automotive component major ZF Friedrichshafen AG has entered into a definitive agreement to acquire WABCO Holdings Inc for nearly 7 billion dollars.
ANI
Mar 29, 2019 12:09 IST
Bern [Switzerland], Mar 29 (ANI): Global automotive component major ZF Friedrichshafen AG has entered into a definitive agreement to acquire WABCO Holdings Inc for nearly 7 billion dollars.
The planned acquisition has been approved by ZF’s management board and supervisory board and WABCO’s board of directors and is expected to close by early 2020.
"Under the agreement, ZF will acquire all outstanding shares of WABCO for 136.50 dollars per share in an all-cash transaction for an equity value of over 7 billion dollars," according to an official statement.
The transaction will bring together two global technology leaders serving original equipment manufacturers and fleets in the automotive and commercial vehicle industry.
It will combine WABCO's capabilities in commercial vehicle safety and efficiency, including technologies involved in vehicle dynamics control, active air suspension systems, and fleet management systems with ZF's leading position in driveline and chassis technologies for cars and commercial vehicles.
Jacques Esculier, Chairman and CEO of WABCO, said: "We have a history of successful collaboration with ZF, including prototyping industry-first technologies, and the strategic fit between our two companies is compelling. After a thorough review, we are very pleased to announce a definitive agreement that we believe is in the best interest of WABCO shareholders."
He added that it has become increasingly apparent that the industry will face a new level of strategic complexity and will attract new competition, including new entrants from outside the sector, able to bring unprecedented resources to the table. (ANI)
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