November 29, 2024, 10:18 GMT | Insight) — ABC Technologies’ buyout of British automotive components company TI Fluid Systems is conditional on antitrust clearance in several countries including the UK, the EU and the US, in addition to foreign direct investment approvals.
The Canadian company, which is owned by Apollo Global Management, today agreed to buy TI Fluids for about 1 billion pounds ($1.3 billion) in cash.
The merger will need antitrust approval in Brazil, Canada, China, the EU, Japan, Mexico, Morocco, South Africa, South Korea, Turkey, the UK and the US. Foreign direct investment clearance will be required in Czechia, France, Germany, Italy and Spain, as well as EU foreign subsidies clearance.
“The acquisition by ABC Technologies brings together two strategically complementary businesses, creating a unique opportunity to significantly accelerate TI Fluid Systems’ strategic development,” said Tim Cobbold, the Chair of TI Fluid Systems.
TI Fluid Systems designs and makes fluid storage, carrying and delivery systems, as well as thermal management products and systems for petrol, electric and hybrid vehicles, and operates across 27 countries. ABC Technologies makes plastic parts for the global automotive industry.
TI Fluid Systems traded at 192.5 pence in London, approaching the 200 pence-a-share offer price.
The buyout is expected to complete in the first half of 2025, according to the statement.
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