Hyperdrive

Schaeffler Makes €3.6 Billion Vitesco Bid for EV Boost

Ball-bearings maker wants bigger presence in EV supply chain
Billionaire Schaeffler family has option to add Vitesco stake

The Vitesco Technologies plant grounds in Bavaria, Regensburg, Germany.
Photographer: Armin Weigel/picture alliance/Getty Images

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By Aaron Kirchfeld, Eyk Henning, Dinesh Nair, and Wilfried Eckl-Dorna

October 8, 2023 at 9:13 PM UTC

Updated on

October 9, 2023 at 4:37 PM UTC

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Schaeffler AG is offering to buy Vitesco Technologies Group AG in a €3.64 billion ($3.8 billion) deal that would bolster the German ball-bearings maker’s presence in the electric-vehicle supply chain.

Schaeffler — whose billionaire owners already control almost half of Vitesco — said Monday it’s offered €91 a share in cash for the company, confirming an earlier report by Bloomberg News. The company expects the transaction to boost earnings before interest and taxes by €600 million annually by 2029.