Canadian automotive supplier ABC Technologies Inc. announced on Friday that it agreed to acquire TI Fluid Systems plc for £1 billion ($1.3 billion). TI Fluid shareholders will be entitled to 200 pence a share, bringing the enterprise value to around £1.8 billion ($2.2 billion). The transaction is expected to complete in the first half of 2025.
"Together, ABC Technologies and TI Fluid Systems will enjoy an expanded global footprint and enhanced product portfolio. This will allow access to a broader and more diversified range of customers, including some of the largest and most recognizable automotive [original equipment manufacturers] and Tier One suppliers worldwide," ABC Technologies said in a statement.
TI Fluid's shares gained 1.90% after the announcement.
