Wabco Holdings Inc and ZF Friedrichshafen AG have said that the Chinese State Administration for Market Regulation provided regulatory clearance for their previously announced merger.
"All required regulatory approvals have now been received. Wabco and ZF expect to close the merger on May 29, subject to the satisfaction of all other closing conditions," they said in a statement.
Under the agreement announced in June last year, ZF will acquire all outstanding shares of Wabco for 136.50 dollars per share in an all-cash transaction for an equity value of more than seven billion dollars.
ZF is a global technology company and supplies systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility.
With its comprehensive technology portfolio, the company offers integrated solutions for established vehicle manufacturers, mobility providers and start-up compes in the fields of transportation and mobility.
In 2019, ZF achieved sales of 36.5 billion euros. The company has a global workforce of 148,000 with 240 locations in 41 countries.
Wabco is also at the forefront of advanced fleet management systems and digital services that contribute to commercial fleet efficiency. In 2019, the company reported sales of over 3.4 billion dollars and has 14,000 employees in 40 countries.
Wabco India manufactures automotive parts like electronic braking, stability and suspension besides transmission control systems for heavy-duty commercial trucks, trailers and buses. Wabco Holdings Inc is Wabco India's US-based parent company.
( With inputs from ANI )