The Traton Group has successfully completed its merger with Navistar and now holds all Navistar common shares, the companies announced. Navistar is to be delisted and deregistered with the SEC during the month of July.
A strategic alliance has been in place between Traton and Navistar since 2017, and as a new brand of the Traton Group, Navistar says it will be in a better position to meet the growing requirements of the market and to improve its customer offering further, especially with respect to the transition to electric mobility and the establishment of autonomous driving. The purchase price was approximately $3.7 billion.
“From this day on, we will be working side by side to bring sustainable transportation of the future one step closer. This is something the entire group is looking forward to,” said Traton CEO Matthias Gründler (pictured above left). “The fact that this merger has been implemented so quickly and smoothly, despite the obstacles presented by the COVID-19 pandemic, is a testament to the impressive team work on both sides of the Atlantic. I would like to thank each and every one involved.”
“Our common understanding of the future of transportation and our joint heritage create a very solid basis for our common way forward,” said Navistar President and CEO Persio Lisboa (pictured above right). “The transport industry is changing rapidly. And together we will shape this change – for the sake of our customers. The Navistar team is ready for the next step of collaboration.”