New Delhi: Wabco India in a regulatory filling announced that Wabco Holdings Inc. and ZF Friedrichshafen AG have received all approvals from regulatory authorities required to close their previously announced merger, with the exception of the Chinese State Administration for Market Regulation (SAMR).
“Wabco and ZF anticipate that SAMR approval will be received without significant delay, and expect that the transaction will close in the second quarter of 2020, when this final regulatory clearance is anticipated to be received,” Wabco said in a release.
Last month, fair trade regulator Competition Commission of India (CCI) has approved acquisition of Wabco Holdings Inc. by ZF Friedrichshafen AG. As per a combination notice filed with the CCI, ZF will acquire 100 percent shares in Wabco via its indirect wholly-owned subsidiary Verona Merger Sub Corp, a Delaware corporation, resulting in acquisition of sole control over Wabco.
Both the companies have entered into a definitive merger agreement in March 2019.
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).
ZF is a global technology company that develops, manufactures and distributes products and systems for passenger vehicles, commercial vehicles and industrial technology among others. Wabco is a global supplier of primarily pneumatic braking control systems, technologies and services that improve safety, efficiency and connectivity of commercial vehicles.