Paris, October 13, 2017 – Valeo has received today the approval from the European Commission and plans to complete the acquisition of FTE Automotive, a leading producer of actuators, before the end of October, subject to the approval of Turkish antitrust authorities.
On June 2, 2016, Valeo announced that it had signed an agreement with Bain Capital Private Equity to acquire German company FTE Automotive, subject to the approval of the relevant competition authorities. On November 30 of the same year, after the European Commission expressed concerns at the conclusion of its Phase 1 review, Valeo decided to withdraw its request for approval in order to take the necessary measures required to obtain Commission clearance. On July 12, 2017, Valeo announced that it would submit for approval by the relevant competition authorities and for consultation by the labor partners a project to divest its passive hydraulic actuators business to Italian automotive supplier Raicam.
Today, Valeo confirms that it has received the opinion from labor partners and the approval of the European Commission.
The FTE acquisition is thus expected to be finalized before the end of October 2017, subject to the approval of Turkish antitrust authorities. The sale of the passive hydraulic actuator business to Raicam is expected for completion in early 2018.