British automotive components supplier TI Fluid announced on Friday that it will be acquired by Canada’s ABC Technologies for £1.04 billion ($1.32 billion). This acquisition will enhance the combined group’s presence across the Americas, Europe, and Asia.
The offer of 200 pence per share from ABC Technologies, which is owned by Apollo Global, represents a 53.4% premium over TI Fluid’s closing share price of 130.4 pence on August 21, prior to ABC’s initial proposal.
The deal indicates an enterprise value of approximately £1.83 billion for TI Fluid. The board of TI Fluid has stated that it intends to unanimously recommend that shareholders vote in favor of the acquisition.
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