Latham Advises TI Fluid Systems on £1.039 Billion Acquisition by ABC Technologies

Latham & Watkins has advised TI Fluid Systems plc (TI Fluid Systems), the global supplier of thermal solutions and fluid systems for vehicle manufacturers, on its recommended takeover offer by ABC Technologies Acquisitions Limited (ABC Technologies). The acquisition values TI Fluid Systems’ entire issued, and to be issued, ordinary share capital at approximately £1.039 billion on a fully diluted basis, and implies an enterprise value of approximately £1.83 billion.

The Latham team was led by London M&A partner Richard Butterwick and capital markets partner James Inness, with associates Chris Ramsey, Nick Fisher, and Alexandra Alekhina. Advice on incentives matters was provided by London partner Kendall Burnett, with associates Paul Lawrence and Rebecca Servian; and on antitrust matters by London partner Jonathan Parker, with associate James Mathieson.

The deal represents the latest high-profile M&A transaction on which the firm’s London M&A team has advised this month, following its role advising Anglo American on its US$3.775 billion sale of its Australian steelmaking coal business, and the sale of its 33.3% minority interest in Jellinbah for A$1.6 billion; Miniclip on its US$1.2 billion acquisition of Easybrain; Novo Holdings on its acquisition of Benchmark Genetics for £260 million; and EQT, CPP Investments, and Nord Anglia Education on the US$14.5 billion sale of Nord Anglia Education. Latham was also named this month as UK Legal Adviser of the Year at the Mergermarket European M&A Awards 2024, with public M&A takeover transactions for Darktrace plc and Tyman plc gaining recognitions from the judging panel.