ZF’s WABCO acquisition to go ahead with shareholder approval

July 5, 2019

The shareholders of WABCO Holdings, headquartered in Bern, Switzerland, a global supplier of braking control systems, technologies and services for the safety, efficiency and connectivity of commercial vehicles including trucks, buses and trailers, have approved the company’s acquisition by ZF Friedrichshafen AG, Friedrichshafen, Germany, a global technology company and systems supplier for passenger cars, commercial vehicles and industrial technology.

The planned acquisition was first announced in March 2019, with ZF and WABCO stating that they would form a leading global integrated mobility systems provider for commercial vehicles, creating added value for ZF’s commercial vehicle customers. The combined company is expected to have annual sales of approximately €40 billion.

At a meeting of WABCO’s shareholders in New York, USA, holders representing 68.44% of the company’s shares voted in favour of adopting the proposed merger agreement. Overall, 71.97% of WABCO’s shareholders were said to have participated in the vote. 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.

Jacques Esculier, Chairman and CEO of WABCO, stated, “We are very pleased that WABCO’s shareholders have supported our merger plans recognising that the ZF transaction offers a compelling strategic fit to advance the requirements of our industry, while also providing certainty of value and liquidity for our shareholders.”

The proposed merger remains subject to further customary closing conditions and regulatory approvals. ZF and WABCO stated that they expect the transaction to close in early 2020.

www.zf.com

www.wabco-auto.com

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