Visteon has received all antitrust approvals required for the previously announced sale of its approximately 70% ownership interest in Halla Visteon Climate Control (HVCC) to an affiliate of Hahn & Company – a South Korea-based private equity company – and Hankook Tire.
Antitrust authorities in China, the Czech Republic, India, Korea, Russia, Slovakia, Turkey and the US have cleared the transaction. Completion remains subject to shareholder approval but is expexted by the end of the second quarter of 2015.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The purchase price for the sale is KRW52,000 (US$47.0341) per share of HVCC, less the fiscal 2014 dividend of KRW970/share. Following completion of the transaction, Visteon intends to return between US$2.5bn and $2.75bn of cash to its shareholders through a structured series of actions including share buybacks and a special distribution which could include a large return of capital as a primary component, minimising taxes for shareholders. Visteon expects this to be completed within 12 months of completion.
