The Traton Group has completed its acquisition of Navistar, the parent company of IC Bus.
On July 1, the two companies submitted a certificate of merger, in which Traton, formerly Volkswagen Truck and Bus, now holds all common shares of Navistar, according to a news release from the commercial vehicle manufacturer. Navistar will reportedly be delisted and deregistered with the U.S. Securities and Exchange Commission (SEC) in July 2021.
As previously reported, in March, Navistar stockholders approved Traton's proposal to acquire all the company’s outstanding shares at a price of $44.50 per share in cash or $3.7 billion in total.
"From this day on, we will be working side by side to bring sustainable transportation of the future one step closer," said Traton CEO Matthias Gründler. "The fact that this merger has been implemented so quickly and smoothly, despite the obstacles presented by the COVID-19 pandemic, is testament to the impressive teamwork on both sides of the Atlantic."
Navistar President and CEO Persio Lisboa added in the release that both companies have "worked very well together" since their strategic alliance in 2017.
"Our common understanding of the future of transportation and our joint heritage create a very solid basis for our common way forward," Lisboa said.
As a new brand of the Traton Group, Navistar said in the release that it will be in a better position to meet the growing requirements of the market and to improve its customer offerings as they relate to the transition to electric mobility and autonomous driving technologies.