As a next stage of its acquisition, ZF Friedrichshafen said Wabco shareholders had approved the proposed takeover of their company.
In a shareholder vote on 27 June, those holding 68.44% of Wabco's outstanding share capital voted in favour of the transaction deal agreed last March by ZF and Wabco.
ZF will acquire all outstanding shares of Wabco for $136.50 each in cash, subject to usual approvals.
ZF expects to be able to close the transaction early next year when Wabco stock will no longer be traded on any public market. During the intended integration, the central focus will remain on the customers and day-to-day business operations, the supplier said.
"The transaction is subject to regulatory approvals and other customary closing conditions. ZF expects to close the transaction in early 2020. Due to the cash flow profile of both parties, ZF expects to reduce financial leverage significantly again following the completion of the transaction," the supplier said in a statement.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData