Wuhan, China
China
Automotive Systems, Inc., a leading power steering components and systems
supplier in China, has acquired 40% interest in the issued share capital
of Sentient AB - a Swedish automotive technology company specializing in
software development and hardware design for advanced steering functions,
vehicle motion control and autonomous driving.
In the transaction, Jingzhou WiseDawn Electric Car Co., Ltd. will transfer and assign 40% of the issued share capital of Sentient, to Henglong for total consideration of $ 24.36 million in three tranches of cash payments. Two directors of CAAS, Mr. Hanlin Chen and Mr. Qizhou Wu, are the majority and minority owners of WiseDawn.
Founded and headquartered in Gothenburg, Sweden in 2009, Sentient operates seven facilities within Sweden and an office in Suzhou, China. Sentient's software functions for steering, vehicle motion control and autonomous driving can be integrated with its hardware solutions including powerpacks (SW, ECU, motor, housing) and complete steering gear systems.
A special committee was formed by three independent directors of CAAS to review this purchase. The special committee engaged a legal advisor, and a financial advisor who provided a Fairness Opinion as to the transaction's valuation.
Based in Hubei Province, the People's Republic of China, China Automotive Systems, Inc. is a leading supplier of power steering components and systems to the Chinese automotive industry, operating through ten Sino-foreign joint ventures. The Company offers a full range of steering system parts for passenger automobiles and commercial vehicles.
Source: PRNewswire
Image Source: Google Images
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