TI Fluid Systems PLC has agreed to a takeover bid from ABC Technologies, a Canadian automotive parts maker, in a deal valued at just over £1 billion ($1.27 billion). The acquisition, set to be finalized by mid-2025, is guided by top-tier legal teams, including Kirkland & Ellis LLP, Paul Weiss Rifkind Wharton & Garrison LLP, and Latham & Watkins LLP.
ABC to Buy TI Fluid : Deal Overview
The offer values TI Fluid Systems’ equity at approximately £1.04 billion and establishes an enterprise value of £1.83 billion. ABC Technologies, majority-owned by Apollo Global Management Inc., aims to purchase all outstanding shares of TI Fluid Systems for 200 pence each. This represents a 53.4% premium over the stock’s trading price prior to ABC’s initial proposal in October.
The companies have been in discussions since October, with ABC requesting deadline extensions twice, most recently on Nov. 22, to finalize terms under the U.K.’s “put up or shut up” takeover regulations.
Legal and Financial Advisers
ABC Technologies has retained Kirkland & Ellis LLP and Paul Weiss for legal counsel, while Latham & Watkins LLP is advising TI Fluid Systems. Additionally, Ashurst LLP is providing legal support to Lazard, ABC’s lead financial adviser. Ashurst’s team includes partners Tim Rennie and Karen Davies, alongside senior associates Asil Robertson and Colin Bugler.
