According to the latest statement from Germany ZF and the United States TRW official, the former acquired the latter for US$13.5 billion and will form the world’s second-largest component supplier giant.
ZF's $13.5 billion acquisition of Tianhe's new giant, the second largest in the world
ZF finalized acquisition of Tianhe
On the afternoon of September 15, European Central Time (CET), ZF Friedrichshafen AG announced that it had reached an M&A deal with TRW Automotive Holdings. ZF spent 13.5 billion U.S. dollars in cash and completed the purchase of the entire share capital of Tianhe.
Tianhe said that after the transaction is completed, it will operate as an independent business department within ZF. The NEW GROUP will become the world's second-largest supplier of automotive parts, with an annual operating income of 30 billion euros (about 41 billion US dollars) and a total of 138,000 employees.
In the transaction, based on the performance of TRW net issuance stocks, the company's market value is close to 12 billion US dollars; taking into account the debt valuation, the total value of the company is 13.5 billion US dollars. This is also the largest M&A in the auto parts industry in the past 10 years.
The two companies began negotiating mergers and acquisitions in July this year. However, as both ZF and TRW have previously moved to a certain scale, ZF needs to sell its shares in ZF Lenksysteme GmbH in order to avoid impediments from EU antitrust authorities. It was not until September that the deal was finalized.
Entered agreement with Bosch to sell steering system business
Also on September 15, ZF signed an agreement with Bosch to sell the 50% stake in ZF Steering Machinery to Bosch, paving the way for the acquisition of Trina. The two sides have not disclosed the amount of this transaction. According to foreign media speculation, Bosch must pay ZF from US$ 17.5 to US$ 2 billion.
In 1999, ZF and Bosch established ZF Steering Systems in equal proportions with plants in eight countries. The company employs more than 13,000 people worldwide; in 2013, its operating income reached 4.11 billion euros (approximately US$5.5 billion). ). The TRW Group also has a relatively large-scale steering system business. In 2013, its operating income in this area reached US$2.7 billion, accounting for 15.5% of its overall revenue.
Bosch said that full control of ZF Steering Systems will allow it to further increase the scale of autonomous driving technology. Bosch CEO Volkermar Dunner said in a meeting a few days ago that the group expects to complete the transfer of shares between ZF early next year.
Volkmar Dunner pointed out in a statement: "(ZF steering system) is a technological leader in the field of growing electric power steering, which is precisely the core technology of automatic driving, energy saving and environmental protection, and even electric vehicles. ."
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