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Stock Market & Financial Investment News

News Breaks
January 31, 2013
08:09 EDTVCVisteon completes intiial phase to consolidate climate phase with Halla Climate
Visteon and its longtime Korean affiliate Halla Climate Control announced they have completed the contribution of the majority of Visteon's automotive climate business to HCC. The transaction was divided into two phases, with the second phase on track to be completed late in the first quarter of 2013. The total purchase price, before certain adjustments, is unchanged from the $410M announced by the companies on Jan. 11. The transaction is immediately accretive to Halla Climate Control.
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March 27, 2015
08:33 EDTVCVisteon receives antitrust approvals for sale of interest in HVCC
Visteon announced that it has received all antitrust approvals required for the previously announced sale of its approximately 70% ownership interest in Halla Visteon Climate Control Corp. to an affiliate of Hahn & Company and Hankook Tire. The purchase price for the sale is 52,000 KRW/share of HVCC, less the fiscal 2014 dividend of 970 KRW/share. Following completion of the transaction, Visteon intends to return between $2.5B and $2.75B of cash to its shareholders through a structured series of actions including share buybacks and a special distribution, which could include a large return of capital as a primary component, minimizing taxes for shareholders. Visteon expects this series of actions to be completed within 12 months following the completion of the transaction. Visteon also announced that it has entered into an amendment and waiver to its credit agreement, dated as of April 9, 2014, with Citibank, N.A. as administrative agent, and certain lenders party thereto. The amendment, among other things, provides for certain changes to the credit agreement to account for Visteon's sale of its ownership interest in HVCC.

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