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The transaction includes brakes and suspension businesses in the US, Poland, France, Britain, Mexico and China.
Announcement (March 30, 2009):
Shougang and Tempo Group have entered into an agreement to acquire the brakes and suspension businesses of Delphi for a cash consideration of $100 million.
As per the agreement, Tempo will acquire a 24% stake and Shougang Corp. will acquire a 51% stake in Delphi businesses. Beijing government will own the remaining 25%.
The Delphi businesses will be owned by a new Chinese company called Beijing West Industries Co., Ltd., based in Beijing. The transaction is expected to be completed by November 1, 2009.
Deal Value (US$ Million) 100 Deal Type Acquisition Sub-Category Asset Purchase Deal Status Completed: 2009-11-03
Deal Participants
Target (Company) Delphi Corporation - Brake System and Suspension Businesses Acquirer 1 (Company) Shougang Corp. (formerly Capital Iron and Steel Company) Acquirer 2 (Company) Tempo Group Vendor (Company) Delphi Corporation
% Acquisition 75%
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