Lincoln International, a global mid-market investment bank, has advised on the sale of Stadco Automotive Limited to Magna International (Magna). Terms of the transaction have not been disclosed and closing of the transaction is subject to regulatory approval.
Stadco is a major international supplier of Body-In-White (BIW) products and services to a range of automotive OEM’s including Jaguar Land Rover, Ford Motor Company and General Motors. The Company has industry leading expertise in the supply of aluminium stampings and is the largest independent tier one BIW supplier in the UK with four facilities. Stadco has a further facility in Germany which is a major supplier of complex assemblies to Ford. In total, the Company employs circa 1,400 staff.
Greg MacLeod, Chief Executive Officer, Stadco, says: “We hired Lincoln because of their depth of expertise in the automotive industry and their relationships with strategic acquirers in the stamping space. This transaction represents exactly what we wanted to achieve for Stadco: the transition of the business to a new owner with greater ability to support the future growth of the business. The acquisition by Magna will provide further opportunities for the business and our employees to flourish and marks the start of an exciting new period in the company’s development”.
The transaction is expected to close in the fourth quarter of 2015 and is subject to a number of customary conditions, including regulatory approvals.
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CDS contracts are amongst the types of OTC derivatives that contributed to financial market instability during the 2008 financial crisis. The addition of some CDS classes to the clearing obligation is therefore an important step in reducing systemic risk.
The draft RTS adds two iTraxx Index CDS to the clearing obligation:
• Untranched iTraxx Index CDS (Main, EUR, 5Y) ; and
• Untranched iTraxx Index CDS (Crossover, EUR, 5Y).
