ZF Friedrichshafen AG has successfully completed the acquisition of commercial vehicle technology supplier Wabco after gaining approval from all required regulatory authorities.
Wabco shares previously listed on the New York Stock Exchange cease public trading with immediate effect, Wabco India informed stock exchanges on Saturday in regulatory filings.
Signalling the start of Wabco's integration into ZF, the acquisition unites two industry leaders behind a shared vision to create a customer-focused powerhouse to advance commercial vehicle technology.
With the addition of Wabco, ZF's focus will be on expanding its commercial vehicle service portfolio and on operating customer business.
In the future, Wabco will operate as an independent division, Commercial Vehicle Control Systems, within ZF Friedrichshafen AG and become the 10th division of the Germany-based technology company.
Wabco India manufactures automotive parts like electronic braking, stability and suspension besides transmission control systems for heavy-duty commercial trucks, trailers and buses. Wabco Holdings Inc is Wabco India's US-based parent company.
Under the agreement announced in June last year, ZF acquired all outstanding shares of Wabco for 136.50 dollars per share in an all-cash transaction for an equity value of more than seven billion dollars.
ZF is a global technology company and supplies systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility.
With its comprehensive technology portfolio, the company offers integrated solutions for established vehicle manufacturers, mobility providers and start-up compes in the fields of transportation and mobility.
In 2019, ZF achieved sales of 36.5 billion euros. The company has a global workforce of 148,000 with 240 locations in 41 countries.
Wabco is also at the forefront of advanced fleet management systems and digital services that contribute to commercial fleet efficiency. In 2019, the company reported sales of over 3.4 billion dollars and has 14,000 employees in 40 countries.
( With inputs from ANI )