Wabco Sells Off Steering Biz To Clear Way For $7B Sale

Law360 (January 30, 2020, 4:03 PM EST) -- Wabco announced plans Thursday to sell steering business R.H. Sheppard to German braking systems maker Knorr-Bremse for $150 million, in a deal steered by McDermott and Cravath that clears the way for Wabco's $7 billion merger with fellow auto parts maker ZF.

Wabco Holdings Inc., led by McDermott Will & Emery, said in the statement the sale to Knorr-Bremse, advised by Cravath Swaine & Moore LLP, was contingent on the approval of their combination with ZF, which was announced in March. While the EU approved the deal, the U.S. Department of Justice was more skeptical and conditioned its approval on Wabco...

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