Osram has exercised its put option to sell to Valeo its entire stake in its North American joint venture, Valeo Sylvania, for US$104m, equivalent to three times the 2014 ebitda of the company expected by Valeo.
Following the sale, Valeo will own 100% of Valeo Sylvania shares and the transaction is expected to close by the end of this month.
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“The takeover of Osram’s shares in Valeo Sylvania represents a major step in Valeo’s strategy to increase its position as a global leader in automotive lighting, [a] business in which Valeo grew 20% in 2013 at same perimeter and exchange rate,” said Valeo CEO, Jacques Aschenbroich.
