WABCO Holdings (WABCO), a leading global supplier of technologies and services for safety, efficiency and connectivity of commercial vehicles has entered into a definitive agreement to sell R.H. Sheppard Co (Sheppard) to Bendix Commercial Vehicle Systems (Bendix) for $149.5 million (Rs 1,066 crore).
Sheppard is a leading supplier of steering technologies for commercial vehicles. Bendix is an indirect subsidiary of Knorr-Bremse, a leading global supplier of braking systems and other safety-critical rail and commercial vehicle systems.
WABCO says it is divesting Sheppard in connection with the Antitrust Division of the US Department of Justice’s review of the proposed merger between WABCO and ZF Friedrichshafen (ZF), and pursuant to the settlement order approved by the U.S. District Court for the District of Columbia.
The Sheppard transaction is subject to closing conditions and regulatory approvals, and is contingent upon the closing of the ZF acquisition of WABCO, which is expected in early 2020 following receipt of remaining regulatory approvals.