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| VC > SEC Filings for VC > Form 8-K on 17-Jan-2013 | All Recent SEC Filings |
17-Jan-2013
Entry into a Material Definitive Agreement, Other Events, Financial Statements and E
On January 11, 2013, Visteon Corporation ("Visteon"), certain of Visteon's subsidiaries, and Halla Climate Control Corporation ("Halla"), entered into a Master Share Purchase Agreement (the "Purchase Agreement"). Pursuant to the Purchase Agreement, Visteon has agreed to sell, and Halla has agreed to purchase, the shares of certain subsidiaries and joint ventures as well as certain intellectual property, which will comprise substantially all of Visteon's global automotive climate business, in exchange for the payment of $410 million, which is subject to adjustment for certain changes in debt, cash and pension obligation levels. Visteon indirectly owns approximately 70% of the outstanding shares of Halla.
Pursuant to the Purchase Agreement, Visteon provides customary representations, warranties and indemnification to Halla. The closing, expected to be completed in the first quarter of this year, is subject to customary closing conditions, including regulatory and other third party consents and approvals.
Visteon intends to file copy of the Purchase Agreement with its upcoming Annual Report on Form 10-K.
On January 11, 2013, Visteon announced that it had entered into a definitive agreement with Halla. The press release, filed as Exhibit 99.1 to this Current Report on Form 8-K, is incorporated herein by reference.
99.1 Press release dated January 11, 2013.
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