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Gentherm Inc Announces Agreement To Acquire W.E.T. Automotive Systems AG

Friday, 15 Feb 2013 06:00am EST 

Gentherm Inc announced that it has reached an agreement to acquire all the shares of W.E.T. Automotive Systems AG (W.E.T.) owned by Heidelberg, Germany-based Deutsche Balaton AG. Deutsche Balaton remains indirectly a shareholder of W.E.T. via Gentherm. Upon completion of the transaction, Deutsche Balaton has agreed to withdraw legal case opposing the registration of a Domination and Profit and Loss Transfer Agreement (DPLTA), which, under German law, would essentially allow Gentherm and W.E.T. to be managed as one operational entity. The transaction involves the issuance of 3.3 million Gentherm common shares and payment of approximately $7.5 million in cash in exchange for Deutsche Balaton's 442,253 shares in W.E.T. (or 13.8% of the total outstanding W.E.T. shares). Closing of the transaction is expected to occur within a few days. Gentherm and W.E.T. intend to pursue swift registration of the DPLTA after the transaction is consummated. 

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