ZF Signs Agreement to Acquire WABCO
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ZF Friedrichshafen AG announced that it has entered into a definitive agreement to acquire WABCO. |
April 1, 2019 - ZF Friedrichshafen AG announced that it has entered into a definitive agreement to acquire WABCO for $136.50 per share. The planned acquisition has been approved by ZF’s management board and supervisory board, as well as WABCO’s board of directors. Together, ZF and WABCO will form a global integrated mobility systems provider for commercial vehicles, creating added value for ZF’s commercial vehicle customers.
WABCO is a supplier of braking control systems, technologies, and services that improve safety, efficiency, and connectivity of commercial vehicles including trucks, buses, and trailers. Its 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 has more than 16,000 employees in 40 countries.
Wolf-Henning Scheider, CEO of ZF, said, “We believe that, together with WABCO, ZF can form the world’s leading integrated systems provider for commercial vehicle technology, creating long-term value and security for its customers, employees, and owners. 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.”
The planned acquisition is part of ZF’s next generation mobility strategy and will expand the company’s expertise to include commercial vehicle braking solutions for the first time. Following the acquisition, customers of both companies will have a partner in ZF who can offer a fully integrated system approach, new drive systems for E-Mobility, and autonomous driving functions.
The planned strategic acquisition of WABCO is consistent with ZF’s goal to develop and deliver technology solutions that make cars and commercial vehicles see, think, and act in order to reduce emissions and increase road safety.
The transaction is subject to regulatory approvals, other customary closing conditions, and shareholder approval with more than 50% of WABCO’s outstanding shares. ZF expects to close the transaction in the beginning of 2020.