Wabco India said on Friday that its ultimate parent company Wabco Holdings will be acquired by ZF Friedrichshafen AG, a privately held global technology company and systems supplier for passenger cars, commercial vehicles and industrial technology.
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 more than seven billion dollars.
"We are very pleased that Wabco's shareholders have supported our merger plans recognising that the ZF transaction offers a compelling strategic fit to advance the requirements of our industry, while also providing certainty of value and liquidity for our shareholders," said Chairman and CEO of Wabco Jacques Esculier.
The proposed merger remains subject to further customary closing conditions and regulatory approvals. ZF and Wabco expect to close the transaction in early 2020.
The merger will bring together two global technology leaders serving OEMs and fleets in the automotive and commercial vehicle industry, combining Wasco's capabilities in commercial vehicle safety and efficiency.
It will also combine technologies involved in vehicle dynamics control, active air suspension systems, and fleet management systems with ZF's leading position in mobility technologies for cars and commercial vehicles, according to a statement.
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