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Brembo acquires 100 percent of Öhlins Racing for USD405 million
October 11, 2024 at 02:14 am EDT
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(Alliance News) - Brembo NV on Friday disclosed that it has signed an agreement with Tenneco, a company in the portfolio of funds managed by Apollo Global Management, to acquire 100 percent of the capital of Öhlins Racing, an expert manufacturer of premium high-performance motorcycle and car suspension in the original equipment, motorsport and aftermarket segments.
Founded in 1976, Öhlins Racing is based in Upplands Väsby, Stockholm, Sweden, and has a strong international presence.
Brembo explained in a note that this is the largest acquisition in its history. The consideration for the transaction is USD405 million-which corresponds to about EUR370 million at today's exchange rate-in the absence of cash or financial debt, and is subject to the usual adjustment mechanisms provided for similar transactions.
The transaction will be paid for using available cash.
The acquisition is subject to approval by antitrust authorities, following which the deal will be finalized, expected in early 2025.
"Öhlins is a perfect fit for Brembo. It is a brand recognized worldwide, with a solid business and an unparalleled reputation, both on the track and on the road," commented Matteo Tiraboschi, executive chairman of Brembo.
"The entry of Öhlins into the group is a great opportunity to expand our offering for the automotive market. With this acquisition, we take another step forward in our strategy to provide intelligent and integrated solutions to customers, exploiting synergies between the main technologies for the vehicle corner."
By Claudia Cavaliere, Alliance News reporter
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