Today's Transactions:
Bowing to FTC Pressure, Robert Bosch Sells Off RTI Tech
To win FTC approval in SPX purchase, Bosch agreed to sell off auto air conditioner repair biz RTI
German company Robert Bosch GmbH will have to sell its automotive air conditioner repair equipment business, including RTI Technologies Inc., to Mahle Clevite Inc., as part of an agreement with the Federal Trade Commission to purchase SPX Service Solutions U.S. LLC.
As originally proposed, the SPX acquisition would have given Bosch monopoly power in the U.S. market for air conditioning recycling, recovery and recharge devices, the FTC alleged in a complaint.
Bosch will also resolve allegations that SPX harmed competition in the market by reneging on a commitment to license key patents for reasonable terms. The FTC’s complaint alleged that SPX had sued competitors to enjoin them from using patents that may be necessary to meet manufacturing standards.
SPX, headquartered in Charlotte, N.C., supplies engineered products for the power, energy, food, vehicle and industrial industries. Terms of the sale to Mahle Clevite weren’t disclosed. The deal was announced Nov. 26.
Bosch agreed to acquire SPX in January for $1.15 billion in cash.
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