WABCO Holdings Inc., a global supplier of technologies and services that improve the safety, efficiency, and connectivity of commercial vehicles, announced it has entered into a definitive agreement to sell R.H. Sheppard Co., Inc. to Bendix Commercial Vehicle Systems LLC for $149.5 million.
Sheppard is an industry supplier of steering technologies for commercial vehicles. Bendix is an indirect subsidiary of Knorr-Bremse AG, a global supplier of braking systems and other safety-critical rail and commercial vehicle systems.
WABCO is divesting Sheppard in connection with the Antitrust Division of the U.S. Department of Justice's review of the proposed merger between WABCO and ZF Friedrichshafen AG, and pursuant to the settlement order approved by the U.S. District Court for the District of Columbia.
The Sheppard transaction is subject to closing conditions and regulatory approvals, and is contingent upon the closing of the ZF acquisition of WABCO, which is expected in early 2020 following receipt of remaining regulatory approvals. McDermott Will & Emery served as WABCO’s legal advisors and Baird acted as financial advisor.