Ashurst advises on £1.8 billion acquisition of TI Fluid Systems

Global law firm Ashurst is advising Lazard on the recommended cash acquisition of TI Fluid Systems plc ('TI Fluid Systems'), announced today. The acquisition will be made by ABC Technologies Acquisitions Limited ('Bidco'), a newly-formed company wholly owned by ABC Technologies, Inc., ('ABC Technologies') and values TI Fluid Systems' share capital at approximately £1.039 billion, and implies an enterprise value of TI Fluid Systems of approximately £1.831 billion. Lazard is acting as lead financial adviser to ABC Technologies and Bidco.

Under the terms of the acquisition, each TI Fluid Systems shareholder will be entitled to receive 200 pence in cash for each share held.

TI Fluid Systems is a global designer, engineer, manufacturer and supplier of fluid storage, carrying and delivery systems, and thermal management products and systems for all vehicle architectures, from internal combustion engine vehicles to hybrid electric vehicles and battery electric vehicles.

ABC Technologies is a global manufacturer and supplier of custom, highly-engineered technical plastics, components and light-weight innovations to the global automotive industry. ABC Technologies is majority owned by certain of the affiliated funds of Apollo Global Management, Inc. and its subsidiaries, with funds managed by Oaktree Capital Management, L.P. owning a minority equity interest.

The Ashurst team is being led by partners Tim Rennie and Karen Davies, supported by senior associates Asil Robertson and Colin Bugler, and associate Emilia Howard.