# ZF Friedrichshafen to exit Brakes India joint venture with TVS Group

ZF Friedrichshafen is planning to divest its 49% stake in Brakes India, its joint venture with TVS Group, to comply with antitrust laws for its merger with Wabco Holdings. A formal divestment exercise is expected to launch soon.

- Type: Acquisition
- Announced: 2020-06-10
- Where: Chennai, India
- Value: $440.0M (33.5B INR)
- Status: rumored
- Products: braking systems
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [ZF Friedrichshafen](https://endata.com/companies/4104.md)
- [WABCO](https://endata.com/companies/3234.md) (target)
- [ZF Friedrichshafen](https://endata.com/companies/4104.md) (acquirer)
- [TVS](https://endata.com/companies/38539.md) (partner)
- [Brakes India](https://endata.com/companies/47794.md) (target)
- [Wabco India](https://endata.com/companies/47800.md) (target)

## Sources

- [vccircle.com](https://www.vccircle.com/grapevine-zf-friedrichshafen-to-exit-india-joint-venture-with-tvs-group), 2020-06-10: "ZF has informed the US regulators and the Competition Commission of India (CCI) that it is willing to divest its steering division and its 49% equity holding in Brakes India."
- [business-standard.com](https://www.business-standard.com/article/companies/zf-friedrichshafen-issues-draft-offer-to-acquire-25-shares-in-wabco-india-120061001642_1.html), 2020-06-10: "The open offer was triggered after the German company acquired US-based Wabco Holdings, and the offer price is Rs 7,067.51 per offer share, totalling Rs 3351.34 crore."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.