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Visteon Corp Agrees To Sell Yanfeng Joint Ventures To Partner Huayu Automotive Systems Co., Ltd.


Tuesday, 13 Aug 2013 05:00am EDT 

Visteon Corp announced that it has entered into an agreement with Huayu Automotive Systems Co., Ltd. (HASCO) to sell its 50% stake in Chinese joint venture Yanfeng Visteon Automotive Trim Systems Co., Ltd. (YFV), as well as its direct interests in other related interiors joint ventures, to HASCO. Additionally, Visteon and HASCO agreed to modify their existing electronics ventures in China such that Visteon will obtain control of the majority of Yanfeng Visteon Automotive Electronics Co., Ltd. (YFVE). The collective transactions are valued at approximately $1.5 billion, with Visteon receiving $1.2 billion for the portfolio of non-electronics operations. Visteon's stake in YFVE will be valued at approximately $300 million. The transactions, are expected to be completed in multiple stages and substantially completed by June 2015. Visteon expects to receive 90% of the proceeds at or near initial closing. Visteon will receive cash payments of approximately $1.25 billion for the sale of its interests in YFV and other related interiors joint ventures, and will pay approximately $70 million to gain control of the majority of YFVE. Approximately $1.1 billion of the cash proceeds will be received at or around completion of the initial transactions, which is expected to occur before December. 31, 2013. The vast majority of the remainder of the cash proceeds will be received by June 2015. 

Company Quote

96.43
-0.32 -0.33%
23 Jul 2014