ABC Technologies Offers to Acquire TI Fluid for £1.83 Billion

Apollo Global-owned ABC Technologies has proposed a takeover offer for TI Fluid Systems, a prominent player in the global automotive sector. The offer, valued at 200 pence per share, represents a 53.4% premium over TI Fluid’s closing share price of 130.4 pence on August 21, prior to the initial proposal. According to Reuters, this deal would bring the total enterprise value of TI Fluid to approximately £1.83 billion.

TI Fluid, which operates in 27 countries, including Canada, the United States, and Mexico, provides advanced thermal solutions and fluid systems to original equipment manufacturers (OEMs) in the automotive industry. The company has a significant presence in the global market, supplying vital components to vehicle manufacturers worldwide.

Per the Reuters report, TI Fluid’s board has signaled its intention to recommend that shareholders vote in favor of the acquisition, recognizing the substantial value represented by the offer. The move comes after the company raised its guidance in August, forecasting a slight increase in its full-year adjusted operating profit margin to more than 7.6%, up from a previous estimate of 7.4%.

ABC Technologies, based in Toronto, is a major supplier of automotive components with a broad international footprint. The proposed acquisition marks a significant step for the company as it seeks to expand its operations and capabilities in the automotive sector.

Source: Reuters