{"id":367071,"date":"2024-11-29T11:58:43","date_gmt":"2024-11-29T11:58:43","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&p=367071"},"modified":"2024-11-29T11:58:43","modified_gmt":"2024-11-29T11:58:43","slug":"canadas-abc-technologies-to-acquire-uks-ti-fluid-systems-in-1b-deal","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/canadas-abc-technologies-to-acquire-uks-ti-fluid-systems-in-1b-deal","title":{"rendered":"Canada\u2019s ABC Technologies to Acquire UK\u2019s TI Fluid Systems in \u00a31B Deal"},"content":{"rendered":"
Canadian automotive parts manufacturer ABC Technologies has agreed to acquire British-based TI Fluid Systems for \u00a31.039 billion ($1.32 billion) in an all-cash transaction.<\/b>\u00a0<\/span><\/p>\n The deal, <\/span>announced<\/span><\/a> on November 29, 2024, values TI Fluid Systems at 200 pence per share, marking a 54.5% premium over its 90-day average share price prior to ABC\u2019s initial approach in September.<\/span><\/p>\n After rejecting offers of 165p and 176p per share in September, followed by bids of 188p and 198p in October, TI Fluid signaled its willingness to recommend a 200p per share proposal.\u00a0<\/span><\/p>\n The final agreement values TI Fluid Systems at approximately \u00a31.83 billion when factoring in the company’s debts.<\/span><\/p>\n The board of TI Fluid Systems has unanimously recommended that shareholders approve the deal, with a vote expected in the first quarter of 2025. If approved, the acquisition is expected to close shortly thereafter, pending regulatory clearance.<\/span><\/p>\n ABC Technologies believes the acquisition will enhance its global presence and diversify its offerings in the competitive <\/span>automotive sector.<\/span><\/a><\/p>\n This acquisition comes amid a wave of consolidation in the automotive industry this year. Hyundai Motor Group with its subsidiaries Hyundai Mobis and Kia, completed a majority acquisition of Motional for $923 million, marking it as the largest disclosed transaction in the global automotive sector during Q2 2024.\u00a0<\/span><\/p>\n