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EU Clears Bosch Acquisition of SPX Unit
Robert Bosch GmbH has received the approval of the European Union's anti-trust authorities to complete the purchase of the vehicle diagnostics business of SPX Corp. for $1.2 billion.
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Robert Bosch GmbH has received the approval of the European Union's anti-trust authorities to complete the purchase of the vehicle diagnostics business of SPX Corp. for $1.2 billion.
The European Commission says a "number of credible competitors" would remain in the business after the transaction.
The companies announced the deal in January. Bosch says the unit, which makes diagnostic tools and software for the auto aftermarket, would bolster its diagnostics operations in North America.
Charlotte, N.C.-based SPX said it expects to book a $450 million after-tax gain on the sale. The company says it will use about one-third of the roughly $1 billion after-tax proceeds to reduce its debt.
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