The transaction is expected to be completed in the first quarter of 2021, subject to the normal regulatory clearances. This merger would double the Group's revenues.
The combined group will draw on significant technological assets and technical expertise to meet the rapidly changing environment facing the automotive industry.
Millbrook brings extensive expertise in automotive electric driveline development, in particular through its battery and electric drivetrain test centres based in the United Kingdom and the United States. These services will ideally complement UTAC CERAM’s expertise in ADAS and Euro NCAP testing and in cybersecurity, connectivity and simulation, as deployed in its Teqmo autonomous vehicle test centre.
The combined group will operate several test centres throughout the world — in France at the Linas-Montlhéry and Mortefontaine facilities, in the United Kingdom in Bedford and Leyland, in the United States in Detroit and California, in Finland at a vehicle test facility with indoor and outdoor winter testing tracks, and in Morocco with a brand new test centre offering a track where vehicles are exposed to extreme heat (scheduled to open in 2021).
The group says that it will have the capability to offer the delivery of complex certification and testing programmes; the testing of vehicles and tyres in hot and cold climates; designing and delivering bespoke customer solutions and working with global brand partners to develop the connected electric vehicles of the future.
The new group will be headed by Laurent Benoit, the current president of UTAC CERAM. He said: “The arrival of Eurazeo as a shareholder, and FCDE’s support, opened the door for our group to access additional resources to improve the pace of growth around the world.”
Connor McCormack, president of Millbrook, said: “The highly-complementary skills, services and technologies of UTAC CERAM and Millbrook will enable us to extend our offering, which will benefit our customers the world over.”