NEW YORK — UCI International has entered into an agreement and plan of merger with Rank Group Limited and a newly formed affiliate of Rank Group. The affiliate will be merged with and into UCI, with UCI continuing as the surviving corporation and an affiliate of Rank Group.
Subject to the terms and conditions of the merger agreement, Rank Group or its affiliate will acquire all of the outstanding shares of capital stock and other equity interests in UCI for a payment of $375 million. In addition, the acquirer will assume the net indebtedness of UCI and its subsidiaries, estimated to be approximately $605 million.
The transaction is subject to certain regulatory approvals but is anticipated to close in the first quarter of 2011.
Rank Group is a New Zealand-based private company that invests across a variety of industries and aims to build and grow leading global businesses, including Reynolds Group Holdings, one of the largest packaging companies in the world.
UCI International supplies a broad range of products to the automotive, trucking, marine, mining, construction, agricultural and industrial vehicle markets, with a customer base that includes leading aftermarket companies as well as a diverse group of original equipment manufacturers.
