Superior Industries to buy Germany's Uniwheels for $715 mn

Superior Industries, the largest manufacturer of aluminum wheels for light vehicles in North America, yesterday struck a deal to buy Germany-based Uniwheels Ag.

Under the terms of the deal, Superior Industries will pay 226.5 zl per share in cash or a total of $715 million.

The tender offer is expected to close around the end of May 2017.

Superior Industries expects to fund the proposed acquisition through a combination of debt, preferred equity, and cash on hand.

Uniwheels is the third largest supplier of aluminum wheels to the European OEM automotive market, as well as for the automotive aftermarket.

The deal will make Superior one of the largest global provider of aluminum wheels for the automotive OEM market with a diversified customer base and geographic reach.

The deal will create a diversified global supplier of aluminum wheels with a footprint in Europe and North America.

''This is a highly transformative and synergistic transaction that will deliver meaningful benefits to all of the stakeholders and positions the combined company extremely well for future growth,'' said, Don Stebbins, Superior's president and CEO.

''The acquisition immediately establishes us as a leading global supplier of aluminum wheels, diversifies our customer base and end markets, expands our geographic reach, and creates a platform to better serve our global customers,'' he added.