TI Fluid Welcomes $1.32 Billion Acquisition by ABC Technologies
Deal News | Nov 29, 2024 | Zawya
Canadian company ABC Technologies has agreed to acquire British automotive component supplier TI Fluid for $1.32 billion. The acquisition indicates a strategic expansion by ABC Technologies, owned by Apollo Global, into more extensive markets across the Americas, Europe, and Asia, reinforcing their supply of automotive components. The offer of 200 pence per share marks a 53.4% premium compared to the initial stock price before discussions began, reflecting high market confidence. TI Fluid, with operations in 27 countries and serving major automotive OEMs with fluid systems and thermal solutions, recommended the offer to its shareholders. This acquisition signals a noteworthy consolidation event in the global automotive supply chain, valued at 1.83 billion pounds in enterprise value.
Sectors
- Automotive
- Mergers and Acquisitions
Geography
- Canada – ABC Technologies, the acquiring company, is based in Toronto, Canada.
- United Kingdom – TI Fluid, the target company being acquired, is a British firm.
Industry
- Automotive – The article focuses on a transaction between two companies supplying components and systems to the automotive sector.
- Mergers and Acquisitions – The article discusses a significant acquisition deal between ABC Technologies and TI Fluid.
Financials
- $1.32 billion – The purchase price for the acquisition of TI Fluid by ABC Technologies.
- 1.83 billion pounds – The implied enterprise value of TI Fluid as per the acquisition deal.
- 200 pence per share – The offer price per share by ABC Technologies.
- 53.4% premium – The premium of the offer price over TI Fluid's share price prior to the initial proposal.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| TI Fluid | Target company | Company | A British automotive components supplier with operations in 27 countries. |
| ABC Technologies | Bidding company | Company | A Canadian global manufacturer and supplier of components to the automotive industry, owned by Apollo Global. |
| Apollo Global | Owner of bidder | Company | The private equity firm that owns ABC Technologies. |