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Valeo acquires Osram’s stake in JV
Osram has exercised its put option to sell to Valeo its entire stake in their North American joint venture, Valeo Sylvania LLC, for a price of USD 104 million equivalent to 3 times the 2014 Ebitda of the Company expected by Valeo.
Following the sale, Valeo will own 100% of Valeo Sylvania shares. The transaction is expected to close by the end of January 2014.
Jacques Aschenbroich CEO of Valeo has declared, "the takeover of Osram's shares in Valeo Sylvania represents a major step in Valeo's strategy to increase its position as a global leader in Automotive Lighting, business in which Valeo grew 20% in 2013 at same perimeter and exchange rate".
