The acquisition, valued at approximately £1.83bn ($1.92bn), is expected to be completed in the first half of 2025, subject to shareholder and regulatory approvals.
TI Fluid Systems, which manufactures thermal and fluid system solutions, operates in 27 countries and supplies to major automotive manufacturers.
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The acquisition is expected to significantly expand ABC Technologies’ global footprint, enhancing its product portfolio and providing access to a broader range of customers, including top-tier automotive OEMs and suppliers.
The terms of the agreement entitle TI Fluid Systems shareholders to receive 200 pence per share.
ABC Technologies noted that this acquisition is aligned with its growth objectives and will enhance its capabilities to serve a rapidly evolving automotive sector.
ABC Technologies president and CEO Terry Campbell said: “This transaction is a transformative strategic opportunity which unlocks value for all of our stakeholders and provides a platform for further growth,
“A combined business will enable us to better serve our customers, and I am excited for our teammates as we continue to build a winning future. We will be persistent in seeking alignment with organizations that have proven capabilities to further ABC’s success story.”
Lazard led the financial advisory for ABC Technologies, with Citi, TD Securities, and Scotiabank also offering their advisory services.
Legal counsel was provided by Kirkland & Ellis International for ABC Technologies, while Paul, Weiss, Rifkind, Wharton & Garrison handled regulatory and financing matters.
