Allison Transmission Holdings announced it has completed its acquisition of Dana Incorporated’s Off-Highway Drive & Motion Systems business for approximately $2.7 billion, expanding Allison’s presence in off-highway and industrial applications and forming a combined enterprise that will generate about $5.5 billion in revenue with operations spanning 29 countries.
The combined company will remain headquartered in Indianapolis and operate under the Allison name. Allison said it will be organized into two business units: Allison Transmission, led by Fred Bohley as President and Business Unit Leader, and Allison Off-Highway Drive & Motion Systems, led by Craig Price as President and Business Unit Leader. Bohley will continue to serve as Allison’s Chief Operating Officer, and both Bohley and Price will report to Allison Chair, President and CEO David Graziosi.
Allison positioned the transaction as a way to broaden its portfolio of high-performance mobility and “work” solutions across sectors, including infrastructure, energy, agriculture, construction, transportation, mining, and national security, while improving local sourcing, production, and service through expanded engineering and technology capabilities.
Support: Advisers on the transaction included BofA Securities as financial adviser, KPMG as transaction adviser, and Latham & Watkins as legal adviser. Barclays, BofA Securities, Citigroup, and JPMorgan provided committed financing, and Edelman served as strategic communications adviser.
KEY QUOTES
“We are excited to welcome our new colleagues from Dana Incorporated’s Off-Highway Drive & Motion Systems business to Allison. Together, we have an expanded market reach and broader portfolio of high-quality and reliable products, creating a global platform that will continue to deliver strong financial performance from both organic and inorganic growth.”
“Our talented colleagues are dedicated to helping support our customers and their end users to better capitalize on the global megatrends shaping the modern industrial world.”
David Graziosi, Allison Chair, President and CEO
