Volkswagen buys American truck manufacturer for $ 3.7 billion

News

Volkswagen buys American truck manufacturer for $ 3.7 billion

09.11.2020 News

Traton Group, Volkswagen’s subsidiary for truck production, announced the purchase of its American competitor, Navistar International. Traton, which already owns about 16.7% of Navistar, is buying 83.3% of the company’s shares for the remaining $ 3.7 billion. Thus, the total value of the American company is estimated at $ 4.4 billion.

Traton will pay Navistar shareholders $ 44.5 in cash per share. The agreement should be completed by the middle of next year. It became known in January that Traton had made an offer to buy Navistar, when the media wrote about the need to convince investor activist Carl Icon, who owns about 17% of the company’s shares. Since then, the offer has been increased – if first it was about $ 35 per share, and then about $ 43 per share, then in the end the parties agreed on $ 44.5.

VW will provide Traton with a $ 3.9 billion loan to pay for the deal. The acquisition of Navistar should help Traton, which brings together various brands of VW-owned trucks, including Man and Scania, expand its presence in the North American market.

The US market accounts for only 2% of Traton sales, while Navistar controls about 15% of the US truck market.

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