Varroc Engineering Pvt. Ltd. completed the acquisition of 50% stake in Visteon Tyc Auto Lamps Co., Ltd. from Visteon Corp. (NYSE:VC) for $17 million.
January 29, 2013 at 10:30 am IST
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Varroc Engineering Pvt. Ltd. entered into an asset purchase agreement to acquire 50% stake in Visteon Tyc Auto Lamps Co., Ltd. from Visteon Corp. (NYSE:VC) for $20 million on March 9, 2012. In a related transaction, Varroc Engineering Pvt. Ltd. entered into an agreement to acquire Nailah Investments s.r.o. from Visteon Corp. (NYSE:VC) for $72 million. The combined stake comprises the global automotive lighting business of Visteon Corp. Certain other lighting employees and assets would transfer as well. In the event the closing conditions are satisfied and Varroc does not close the transaction and the agreement is terminated, Visteon will receive the $8 million deposit. The closing subject to customary closing conditions, including regulatory and other third party consents and approvals is expected to be completed in the third quarter of 2012.
N M Rothschild & Sons acted as financial advisor and Daniel Berick and Cipriano Beredo of Squire Sanders & Dempsey LLP acted as legal advisors for Visteon Corporation. Citigroup acted as the financial advisor and Robert Stebbins, Michael Brandt, Jonathan Scott, Karine Lenczner, Paul Shalhoub, Michael Katz, Geri Anne McEvoy, Jochen Riechwald, Donald Elliott, Johanna Hickman, John DiMatteo, Kim Walker, Melissa Berger, Adam Feit, Jonathan Konoff, Christopher Peters Michael Hilkin of Willkie Farr & Gallagher LLP acted as legal advisors for Varroc Engineering Pvt. Ltd. Goldman Sachs Group Inc. acted as financial advisor for Visteon Corp.
Varroc Engineering Pvt. Ltd. completed the acquisition of 50% stake in Visteon Tyc Auto Lamps Co., Ltd. from Visteon Corp. (NYSE:VC) for $17 million on January 29, 2013. Visteon Tyc Auto Lamps Co., Ltd. will be renamed to Varroc Tyc Auto Lamps Co., Ltd.
Varroc Engineering Limited is an India-based automotive component company. The Company manufactures and supplies electrical-electronic, polymer, metallic, exterior lighting and advanced safety systems to leading original equipment manufacturer (OEMs), with end-to-end capabilities across design, development and manufacturing. Its segments include Automotive and Others. The Automotive segment consists of the business of automobile products consisting of auto parts for two-wheelers, three-wheelers and four-wheelers and related design, development and engineering activities and other services. The Others segment comprise of forging components for off road vehicles and components for mining and oil drilling industry. It offers diverse product line in valves, transmission, engine parts and heavy forging. It is a supplier of outdoor lighting systems to OEMs. It also offers air filter, assemblies mirror, door trims, central console, traction motor and controller, and telematics control unit.