European Commission (EC) officials have approved, through the EU Merger Regulation, the acquisition of joint control of Sachs Micro Mobility, a newly established JV, by ZF Friedrichshafen, Gustav Magenwirth, Brake Force One and BMZ Batterien-Montage-Zentrum.
The joint venture will be active in research, development, production and distribution of anti-lock braking and drive systems for light electric vehicles, including e-bikes.
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While all of four of the mother companies are active in the production and sale of various components for bikes and light electric vehicles, there are no significant horizontal or vertical overlaps with regard to the activities of the joint venture.
The Commission therefore concluded the proposed acquisition would raise no competition concerns.
The transaction was examined under the simplified merger review procedure.
ZF recently posted first-half adjusted operating profit down from EUR1.2bn (US$1.4n) to EUR1.1bn, while sales rose to EUR18.7bn.
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By GlobalDataThe German supplier also reduced debts incurred from the TRW acquisition and significantly increased investments in property, plant and equipment as well as expenditure in research and development.
