ZF ABOUT TO DEFINITIVE ACQUIRE WABCO
Friedrichshafen. ZF Friedrichshafen AG, announced that it has entered into a definitive agreement to acquire Wabco (NYSE: WBC) for $136.50 per share. The planned acquisition has been approved by ZF’s Management Board and Supervisory Board and Wabco's Board of Directors. Together, ZF and Wabco will form a leading global integrated mobility systems provider for commercial vehicles. The combined company will have sales of approximately €40 billion.
Wabco is a leading global supplier of braking control systems, technologies and services for commercial vehicles including trucks, buses and trailers. Its diverse products and services include integrated braking systems and stability control, air suspension systems, transmission automation controls, as well as aerodynamics, telematics, and fleet management solutions. Wabco, which is listed on the New York Stock Exchange (NYSE), generated €3.3 billion in revenues in 2018 and has some 16,000 employees in 40 countries. In the press release Wolf-Henning Scheider, CEO of ZF, mentioned: “For ZF the acquisition of a specialist and leader for commercial vehicle braking systems means adding a stable and growing business segment and enables our existing commercial vehicle division to expand its expertise in vehicle dynamics control.” With the acquisition as part of ZF’s Next Generation Mobility strategy it will expand the company’s expertise to include commercial vehicle braking solutions for the first time. ZF means this plays a central role for the control of automated driving functions – including emergency braking manoeuvres of trucks and trailers.
The transaction is subject to regulatory approvals, other customary closing conditions and shareholder approval with more than 50 percent of Wabco's outstanding shares. ZF expects to close the transaction in the beginning of 2020.