EU and US could reach trade deal this weekend - Reuters
LONDON - TI Fluid (LON:TIFS) Systems plc, a leading provider of automotive fluid systems technology, has confirmed the cancellation of its listing on the London Stock Exchange (LON:LSEG) as of Wednesday morning, following the completion of its acquisition by ABC Technologies Acquisitions Limited, a subsidiary of ABC Technologies Inc. The delisting is a direct consequence of the acquisition, which was carried out through a scheme of arrangement under Part 26 of the Companies Act 2006.
The acquisition process was finalized on Tuesday, with TI Fluid Systems announcing that the scheme had become effective as per the terms set out in the circular published on December 17, 2024. As a result, the company’s shares were removed from the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and trading on the main market of the London Stock Exchange ceased at 8:00 a.m. local time today.
This strategic move marks a significant transition for TI Fluid Systems, which has been a key player in the automotive industry. The acquisition by ABC Technologies Acquisitions Limited, a newly-formed entity wholly owned by ABC Technologies Inc., is expected to create synergies between the two companies, although the specifics of these synergies have not been disclosed.
Goldman Sachs and Peel Hunt acted as joint financial advisers and corporate brokers to TI Fluid Systems, with Lazard (NYSE:LAZ) serving as the lead financial adviser to ABC Technologies and Bidco. Legal advice was provided by Latham & Watkins to TI Fluid Systems, while Kirkland & Ellis International LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP, advised ABC Technologies and Bidco on legal matters, including regulatory and financing issues.
The financial terms of the acquisition have not been made public. Stakeholders and market watchers will be looking to see how this acquisition will influence TI Fluid Systems’ operations and market presence moving forward.
This article is based on a press release statement and aims to provide key information on the delisting of TI Fluid Systems from the London Stock Exchange following its acquisition by ABC Technologies Acquisitions Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.