In a $13.5 billion deal likely to intensify the race to bring autonomous driving technology to market, Germany’s ZF Friedrichshafen AG will acquire U.S. auto partsmaker TRW Automotive Holdings Corp.
The transaction will create the world’s second-largest automotive supplier, with combined sales of approximately $41 billion and 138,000 employees, the two companies said in a joint statement. The agreement was unanimously approved by TRW’s Board of Directors and ZF’s Supervisory Board and Management Board.
The ZF and TRW deal is expected to close early next year and the combined company “will be well positioned to capitalize on favorable megatrends” in the automotive industry by bringing together complementary product offerings and leading technology positions that serve high-growth areas such as fuel efficiency, increased safety requirements and autonomous driving, executives from the two companies said. (more…)