Behr GmbH & Co. KG entered into a definitive agreement to acquire thermal business of Delphi Automotive PLC for approximately $730 million.
February 18, 2015
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Behr GmbH & Co. KG entered into a definitive agreement to acquire thermal business of Delphi Automotive PLC (NYSE:DLPH) for approximately $730 million in cash on February 19, 2015. In a related transaction, MAHLE GmbH signed a letter of intent to acquire 50% stake in Shanghai Delphi Automotive Air-Conditioning System Co., Ltd from Delphi Automotive Systems Singapore Pte Ltd. Thermal division employees, unless otherwise notified, will remain with the thermal business and transition to Mahle. In 2014, Delphi's thermal division had revenues of $1.6 billion and operating income of $47 million. Proceeds from the transaction will be used to fund growth initiatives, including acquisitions and share repurchases. The deal is subject to regulatory approval and approvals from the responsible antitrust authorities. The transaction is expected to close in the third quarter of 2015. As on April 23, 2015, the transaction was approved by the antitrust authorities. The European Commission approved the deal on June 23, 2015.
Ansgar C. Rempp, Adriane Sturm, Randall M. Walters, Markus Weber, Markus Ledwina, Christian Fulda, Jakob Guhn, Thomas Berg, Markus Kappenhagen, Sandra C. Kamper, Holger Neumann, Jesus Gimeno, Israel Garcia, Mauricio Villegas, Andrea Cesana, Hong Seon Kim, Jean-Michel Bobillo, Philippe Li, Elie Sherique and Yoshitake Masuda of Jones Day and Matthias Karl of Gleiss Lutz acted as the legal advisors to MAHLE GmbH. Christian Kames of Citigroup Global Markets Deutschland AG acted as the financial advisor to MAHLE GmbH. Mark Gerstein, Bradley Faris, Christopher Drewry, Jonathan Solomon, Max Schleusener, Alan Bakhos, Megan Sindel, Patrick Foley, Austin Arnett, Tiffany Fobes Campion, Diana Doyle, Enrique Rene de Vera, Patty Liu, Robin Struve, Carshae Dahl, Mary Maher, Jeffrey Tochner, Steven Betensky, Tiana Hertel, David Shapiro, Jeffrey Anderson, Aaron Friberg, Cary Perlman, Claudia Salomon, Matthew Kutcher, François Proveau, Henning Schneider, Tobias Klass, Norma Studt, Mathias Hansen, Philipp Lukas, Stefano Sciolla, Giorgia Lugli, Hiroki Kobayashi and Michael Yoshii of Latham & Watkins LLP and Anne Federle of Bird & Bird acted as the legal advisors to Delphi Automotive PLC. Onur Eken of Barclays Capital Inc. acted as the financial advisor to Delphi Automotive PLC. Piotr Kaminski and Tomasz Spyra of Studnicki Pleszka Cwiakalski Gorski acted as legal advisors for Delphi.
Aptiv PLC specializes in the design, manufacturing and marketing of automotive equipment. Net sales break down by family of products as follows:
- electrical and electronic architecture products (73.8%): connectors, wiring assemblies, harnesses, electrical centers, hybrid high voltage and safety distribution systems;
- electronic and safety systems (26.2%): body controls, reception systems, infotainment and connectivity systems, hybrid vehicle power electronics, passive and active safety electronics, displays and mechatronics.
At the end of 2022, the group has 131 manufacturing plants and 11 technical centers worldwide.
Net sales are distributed geographically as follows: the United States (36%), North America (0.9%), Europe/Middle East/Africa (30.7%), Asia/Pacific (30.2%) and South America (2.2%).
APTIV PLC 
