Wabco Shareholders Approve Sale to ZF

More than two-thirds of Wabco Holdings Inc. shareholders voted to approve the company’s acquisition by ZF Friedrichshafen AG.

Under the all-cash deal, ZF will buy all outstanding Wabco stock at $136.50 per share. The $7 billion deal, which was announced in March, is expected to be completed early next year.

ZF says the acquisition will boost its annual sales to about €40 billion ($45 billion) and enhance its capabilities as a global provider of integrated systems for conventional, connected and automated vehicles. Brussels-based Wabco supplies brake and suspension systems to the commercial vehicles industry.