INSUBCONTINENT EXCLUSIVE:
Fair trade regulator CCI has approved acquisition of WABCO Holdings Inc
(WABCO) by ZF Friedrichshafen AG
As per a combination notice filed with the Competition Commission of India (CCI), ZF will acquire 100 per cent shares in WABCO via its
indirect wholly-owned subsidiary Verona Merger Sub Corp, a Delaware corporation, resulting in acquisition of sole control over WABCO.
WABCO
India Ltd in a regulatory filing in March 2019 said that WABCO Holdings Inc has entered into a definitive merger agreement with ZF
Friedrichshafen AG.
Under the agreement, ZF will acquire all outstanding shares of WABCO for $136.50 per share in an all-cash transaction
for an equity value of over $7 billion (about Rs 49,700 crore), it had said.
ZF is a global technology company that develops, manufactures
and distributes products and systems for passenger vehicles, commercial vehicles and industrial technology among others, CCI said in a press
release.
WABCO is a global supplier of primarily pneumatic braking control systems, technologies and services that improve safety,
efficiency and connectivity of commercial vehicles
It also supplies fleet operators with fleet management solutions and diagnostic tools among other services, it added.