On 14 December 2017 Horizon Global did announce the acquisition of Brink Group as a result of the very good results of the Brink Group in the market.
Last Friday, the Troy, Michigan-based company Horizon Global has communicated to withdraw from the agreement to acquire Brink Group. The following was included in the press release of Horizon Global: “While the decision to acquire Brink was based on a compelling opportunity for our Company, ultimately, we have mutually agreed that our best path forward is to remain independent. We have nothing but respect for the Brink Group team and H2 Partners as part of this process. In the near and medium term, my focus, and that of the entire Horizon Global team, is centered on evolving business conditions and executing the Company’s Action Plan, which we believe will improve performance in our existing Horizon Americas and Europe-Africa operations.”
The acquisition will be withdrawn from regulatory review in Germany and the U.K.
As part of the termination agreement, Horizon Global agreed to pay a break fee to the Brink Group in the amount of €4.75 million.