Faurecia announces the completion of the acquisition of Hella creating the world's seventh largest automotive supplier
31 Januar 2022 - 5:00PM
Faurecia announces the completion of the acquisition of Hella
creating the world's seventh largest automotive supplier
Nanterre (France), January 31, 2022
FAURECIA ANNOUNCES
THE COMPLETION OF
THE ACQUISITION
OF HELLACREATING
THE WORLD’S SEVENTH
LARGEST AUTOMOTIVE SUPPLIER
Faurecia
announces that it
has completed
today the acquisition
of a controlling interest in
Hella GmbH & Co.
KGaA, announced on
August, 14,
2021.
Faurecia acquired today a total of c. 79.5% of
the shares in Hella including:
- 60% of Hella shares from the pool
of family shareholders, paid for c. 52.1% in cash and for c. 7.9%
in newly issued Faurecia shares1
- c. 19.5% as part of the settlement
of the public takeover offer ended on November 11, 2021.
The total value (cash and shares) of this
acquisition represents an investment of EUR5.3 billion.
As a consequence, the pool of Hella family
shareholders has become Faurecia’s largest shareholder of Faurecia
with c. 9% of Faurecia shares. The appointment of a Family pool
representative to the Faurecia Board of Directors will be proposed
at the next Faurecia shareholders’ meeting, underlining the Family
pool’s strong commitment to the combined Group’s strategy and
outlook. The Family pool further agreed to be subject to a first
lock-up of its Faurecia shares during 18 months and a subsequent
lock-up of 12 additional months for the portion of its Faurecia
shares exceeding 5% of the Faurecia share capital.
Patrick Koller, Chief Executive Officer
of Faurecia, declared: “Today, Hella and Faurecia are
opening the first chapter of the newly combined Group. This
transforming acquisition brings together two complementary and
profitable companies to create the 7th largest global automotive
supplier with a highly advanced technology portfolio. Our 2025
combined Group sales ambitions of €33bn represents a significant
leverage and we will now work together effectively to immediately
start implementing the significant and confirmed synergies that
have been identified and create sustainable value for all our
stakeholders.”
This acquisition was financed by utilization of
EUR2,9bn under the EUR5.5bn bridge facilities agreement secured in
August 2021, which includes a EUR500 million term loan (maturity
August 2024), and Faurecia’s own cash, including the proceeds of
the pre-financing transactions already implemented by Faurecia
(EUR1.2bn of senior sustainability-linked notes due 2027 announced
on November 4, 2021 and EUR700 million ESG-linked
Schuldscheindarlehen announced on December 17, 2021).
As already announced in August 2021, Faurecia
intends to refinance the bridge facilities through a rights issue
for an amount up to EUR800 million with preferential subscription
right for shareholders. The Family pool undertook to participate in
such rights issue in proportion to its shareholding in Faurecia. It
is recalled that Peugeot 1810 and Bpifrance, respectively owners of
c. 3.1% and c. 2.2% of Faurecia shares2, have already expressed
their intention to participate in the rights issue, in proportion
to their shareholding in Faurecia, subject to the final terms of
this rights issue. The balance of the bridge facilities will be
refinanced through additional bonds and/or bank loans.
Starting from February 1st, 2022, the results of
Hella GmbH & Co. KGaA will be consolidated into the financial
accounts of the Faurecia Group.
The trading of the Faurecia shares on Euronext
Paris will resume on February 1st, 2022.
ContactsPressVictoria CHANIALEVP
Group CommunicationsTel: +33 (0)1 72 36 72
58victoria.chanial@faurecia.com |
|
|
|
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Eric FOHLEN-WEILLCorporate communications
DirectorTel: +33 (0)1 72 36 72 58eric.fohlen-weill@faurecia.com
Analysts/InvestorsMarc MAILLETHead of Investor
RelationsTel: +33 (0)1 72 36 75 70marc.maillet@faurecia.com |
Matthieu
FERNANDEZDeputy Head of Investor RelationsTel: +33 (0)6 22 02 01
54matthieu.fernandez@faurecia.com |
|
About FaureciaFounded in 1997,
Faurecia has grown to become a major player in the global
automotive industry. With 266 industrial sites, 39 R&D centres
and 114,000 employees in 35 countries, Faurecia is a global leader
in its four areas of business: seating, interiors, Clarion
Electronics and clean mobility. The Group’s strong technological
offering provides carmakers with solutions for the cockpit of the
future and sustainable mobility. In 2020, the Group reported total
turnover of €14.7 billion. Faurecia is listed on the Euronext Paris
market and is a component of the CAC Next 20 index. Find out more
at: www.faurecia.com
1 A specific communication in respect of the new
Faurecia shares issued in consideration of the contribution in kind
of the Family pool is available on the Faurecia website (regulated
information).2 Taking into account the new Faurecia shares issued
today.
- Faurecia - PR Closing Kairos_ENG - 2022-01-31
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