Visteon Gets AntiTrust Approval for HVCC Sale

Visteon Receives Antitrust Approvals For Sale Of Ownership Interest In Halla Visteon Climate Control Corp. 

Visteon is selling its ownership stake to Hahn & Co. and Hankook Tire. Also enters into waiver and amendment of credit agreement.

visteon_logoVAN BUREN TOWNSHIP, Mich. – Visteon Corp. says it has received all antitrust approvals required for the previously announced sale of its approximately 70 percent ownership interest in Halla Visteon Climate Control Corp. (HVCC) to an affiliate of Hahn & Co. – a South Korea-based private equity company – and Hankook Tire Co. Ltd.

Antitrust authorities in China, the Czech Republic, India, Korea, Russia, Slovakia, Turkey and the United States have cleared the transaction. The completion of the transaction remains subject to the approval of Visteon’s shareholders. The company expects the transaction to be completed by the end of the second quarter of 2015.

The purchase price for the sale is approximately $47 per share of HVCC, less the fiscal 2014 dividend of roughly 88 cents per share. Following completion of the transaction, Visteon intends to return between $2.5 billion and $2.75 billion of cash to its shareholders through a structured series of actions including share buybacks and a special distribution, which could include a large return of capital as a primary component, minimizing taxes for shareholders. Visteon expects this series of actions to be completed within 12 months following the completion of the transaction.

Visteon also announced it has entered into an amendment and waiver to its credit agreement from April 9, 2014, with Citibank, N.A. as administrative agent, and certain lenders party thereto. The amendment, among other things, provides for certain changes to the credit agreement to account for Visteon’s sale of its ownership interest in HVCC.

You May Also Like

Standard Motor Products Introduces 268 New Numbers

The release provides new coverage in 75 product categories and 80 part numbers for 2023 and 2024 model-year vehicles, SMP said.

Standard Motor Products, Inc. (SMP) announced the introduction of 268 new part numbers in its April new number announcement. The release provides new coverage in 75 distinct product categories and 80 part numbers for 2023 and 2024 model-year vehicles, the company said.

Advanced Driver Assistance Systems

Thirteen Park Assist Sensors have been added, offering new coverage for import vehicles including the 2023-20 Toyota Camry and 2022-20 Nissan Rogue. Park Assist Cameras have been added for over 2 million Nissan vehicles, and ABS Sensors are new for 2024-20 Chevrolet and GMC heavy-duty trucks and the 2024-20 Cadillac CT4. Electronic Parking Brake Actuators are also new for Mazda and Mercedes-Benz vehicles.

MAHLE Releases 2023 Sustainability Report

MAHLE noted it made significant progress in reducing its CO2 emissions, and increasing the use of renewable electricity.

MAHLE Releases 2023 Sustainability Report
Transtar Industries Continues Rapid Product Line Expansion 

The company is now offering OE recycled engines, in addition to its expansive line of OE recycled transmissions and transfer cases.

ZF Cleans Up Metro Park for Earth Day

ZF said the effort was in line with its dedication to sustainability, zero-waste and circularity.

ZF Cleans up Metro Park
PRT Launches 30 New Complete Strut Assemblies

The new items represent more than 10 million vehicles in new coverage, PRT said.

Other Posts

TRP Celebrates 30 Years of Aftermarket Parts

Thirty years and 300-plus stores later, TRP looks back at what led to the milestone.

TRP-30th-Anniversary-Logo-1400
New Sanctions on Russian Nickel, Copper and Aluminum

Reisman discusses how the sanctions will impact prices paid by those in the automotive industry.

Marelli, Infineon Collaborate on Electronic Zone Control Unit 

Marelli will showcase its latest zone control unit (Zone), built in collaboration with Infineon, at the upcoming Auto China show in Beijing.

Marelli and Infineon Collaborate to Showcase Zone Control Unit 
Automechanika Ho Chi Minh City Event Lineup Announced

More than 500 exhibitors will showcase innovative mobility solutions, advanced technologies and a wide range of automotive products and services, June 20-22.