Government regulators in the U.S. and Poland have given Navistar’s partnership with Volkswagen their antitrust approvals, Navistar president and chief executive officer Troy Clarke announced Tuesday.
Clarke says the company is still working through filings in Brazil and Mexico, but all appropriate regulatory filings have been made and other approvals are pending.
Other agreements between Navistar and Volkswagen that Clarke says constitute closing conditions remain on track, including final terms for the procurement joint venture and powertrain collaboration, the details of which will be announced soon after the closure of the alliance.
The company expects the transaction to close in the first quarter of calendar year 2017.
“Frankly, we’re excited to get started,” Clarke adds. “The alliance announcement has been positively received by our customers.”
As part of the deal announced in September, Volkswagen Truck & Bus will get 16.2 million newly issued shares in Navistar – a 16.6 percent stake in the company – and two seats on the company’s board of directors in exchange for a $256 million investment.