Wabco shareholders have approved of the company by the German vehicle component maker, ZF Friedrichshafen AG,
The privately-held ZF is a leading supplier of mobility systems for cars and commercial vehicles
Under the terms of the transaction agreed in March, ZF will acquire all outstanding shares of Wabco for $US136.50 per share in cash, subject to regulatory approvals.
“It is a confirmation of our strategy that Wabco shareholders have approved this important transaction. Together with Wabco, ZF can now form an integrated systems provider for commercial vehicle technology, creating long-term value and security for our customers, employees and shareholders,” said Wolf-Henning Scheider, CEO of ZF.
“We will be shaping the future of technologies and services for efficiency, safety, automation and connectivity in the commercial vehicle sector together with the Wabco management.”
The transaction is expected to close in early 2020, taking Wabco private, ZF said.