Remy Int'l Stockholders Approve Merger With BorgWarner

(RTTNews) - Remy International Inc (REMY) on Tuesday said its stockholders approved its acquisition by BorgWarner Inc (BWA).

Completion of the acquisition remains subject to the satisfaction or waiver of customary closing conditions, including receipt of approvals required pursuant to antitrust laws in China and Korea.

As previously announced, the U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the acquisition.

Approval was also obtained from German, antitrust approval for the acquisition was received on Austrian and Mexican antitrust authorities.

Subject to the satisfaction of the closing conditions, the transaction is currently expected to be completed in the fourth quarter of 2015.

In July, automotive parts maker BorgWarner agreed to acquire Remy, a producer of rotating electrical components for automobiles. The transaction implies an enterprise value of about $1.2 billion for Remy.