Superior Industries €660 million takeover of Uniwheels

Overview:

• US alloy wheel manufacturer Superior Industries International has launched a tender offer to acquire European competitor Uniwheels for €660 million after reaching an agreement to buy a controlling stake in the business.   
• Warsaw listed Uniwheels, which went public in May 2015, is an alloy wheel maker based in Germany.
• Detroit based Superior Industries, North America's largest producer of alloy wheels, reached an agreement with Uniwheel's founders, the Schmid family, to acquire their majority 61.3% stake in the business for around €53 per share.
• Superior Industries has offered Uniwheels other investors €55 a share for the remainder of the company, with the tender offer due to close on May 30, 2017. 
• Superior Industries has negotiated a €660 million in financing to fund the acquisition; US private equity house TPG Growth is providing $150 million - in return for preferential shares - and banks including Citi, JP Morgan, Royal Bank of Canada and Deutsche Bank are lending the company the remainder. 
• The deal is expected to close in May 2017. 
• The financial advisers on the deal were Evercore (Superior) and Lazard (Uniwheels).

Ben Naylor - Regional editor