CCI approves acquisition of WABCO Holdings 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 USD 136.50 per share in an all-cash transaction for an equity value of over USD 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. SRS RVK