Brembo has signed an agreement to acquire 100% of Öhlins Racing AB from Tenneco for $405 million on a cash-free, debt-free basis, subject to adjustment. The transaction will be paid using available cash.
The deal — which would be the largest acquisition in Brembo's history — is subject to regulatory approval and is expected to close in early 2025.
Jim Voss, CEO of Tenneco, said the proposed sale supports management’s strategy of streamlining Tenneco’s business portfolio and strengthening its balance sheet “as we continue to execute on our long-term vision.”
Öhlins is a manufacturer of premium, high-performance suspension technology for cars and motorcycles in the aftermarket, motorsports and OE segments.
Matteo Tiraboschi, executive chairman of Brembo, called Öhlins a strong fit.
“It is a world-renowned brand with a solid business and an unrivaled reputation, both on the racetrack and the road,” Tiraboschi said. “We welcome Öhlins to our group as a great opportunity to expand our offerings for the automotive market. With this addition, we take another step forward in our strategy to provide integrated intelligent solutions to our customers, leveraging synergies across key technologies in the vehicle’s corner.”
Öhlins is based in Sweden and has an international footprint. It employs roughly 500 people across two production facilities, which are located in Sweden and Thailand; two R&D centers in Sweden and Thailand; and four distribution and testing branches, which are in the United States, Germany, Thailand and Sweden.
Its product line includes shock absorbers, front forks, steering dampers, software and algorithms, and accessories.
BofA Securities is the financial adviser to Brembo, and Jefferies LLC is the lead financial adviser to Tenneco.
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