Valeo has received the approval from the European Commission and plans to complete the acquisition of FTE Automotive, a leading producer of actuators, before the end of October, subject to the approval of Turkish antitrust authorities.

On 2 June 2016, Valeo announced that it had signed an agreement with Bain Capital Private Equity to acquire German company FTE Automotive, subject to the approval of the relevant competition authorities. On 30 November of the same year, after the European Commission expressed concerns at the conclusion of its Phase-1 review, Valeo decided to withdraw its request for approval in order to take the necessary measures required to obtain Commission clearance. On 12 July 2017, Valeo announced that it would submit for approval by the relevant competition authorities and for consultation by the labour partners a project to divest its passive hydraulic actuators business to Italian automotive supplier Raicam.

Today, Valeo confirms that it has received the opinion from labour partners and the approval of the European Commission.

The FTE acquisition is thus expected to be finalised before the end of October 2017, subject to the approval of Turkish antitrust authorities. The sale of the passive hydraulic actuator business to Raicam is expected for completion in early 2018.

The FTE automotive acquisition will allow Valeo to expand its offering of active actuation systems for transmissions, a strategic and fast-growing market driven by dual clutch technology and the growth of hybrid vehicles. FTE automotive will also strengthen Valeo's aftermarket business. 

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