Bendix To Acquire RH Sheppard From Wabco Holdings
"The Sheppard transaction is subject to closing conditions and regulatory approvals, and is contingent upon the closing of the ZF acquisition of Wabco," said Wabco in a statement.
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Wabco Holdings Inc, a leading global supplier of technologies and services that improve the safety, efficiency and connectivity of commercial vehicles, said on Friday it has entered into a definitive agreement to sell R H Sheppard Company to Bendix Commercial Vehicle Systems LLC for 149.5 million dollars (about Rs 1,068 crore).
Sheppard is an industry-leading supplier of steering technologies for commercial vehicles. Bendix is an indirect subsidiary of KnorrBremse AG, a leading global supplier of braking systems and other safety-critical rail and commercial vehicle systems. Wabco is divesting Sheppard in connection with the Antitrust Division of the US Department of Justice's review of the proposed merger between Wabco and ZF Friedrichshafen AG and pursuant to the settlement order approved by the US District Court for the District of Columbia.
"The Sheppard transaction is subject to closing conditions and regulatory approvals, and is contingent upon the closing of the ZF acquisition of Wabco, which is expected in early 2020 following receipt of remaining regulatory approvals," said Wabco in a statement.
McDermott Will and Emery served as Wabco's legal advisors and Robert W Baird and Company acted as financial advisor.