GOODYEAR TIRE & RUBBER CO /OH/ (GT): M&A transaction — Goodyear completes $905M sale of OTR tire business to Yokohama Rubber

GOODYEAR TIRE & RUBBER CO /OH/

Gross cash consideration of ~$905 million; includes sale of Nippon Giant Tire and Goodyear Earthmover subsidiaries.
CEO Mark Stewart says portfolio streamlined; proceeds to reduce leverage and fund Goodyear Forward transformation.
Ancillary agreements: transition services (up to 18 months) and product supply (up to 5 years) for certain OTR tires.
Evercore acted as financial advisor; Sullivan & Cromwell as legal advisor to Goodyear.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.99

GOODYEAR TIRE & RUBBER CO /OH/ completed a disposition involving The Yokohama Rubber Company, Limited for gross cash consideration of approximately $905 million, subject to certain customary adjustments (closed 2025-02-03).

Action: disposition
Counterparty: The Yokohama Rubber Company, Limited
Consideration: gross cash consideration of approximately $905 million, subject to certain customary adjustments
Closing: 2025-02-03

Exact text from the filing

On February 3, 2025, The Goodyear Tire & Rubber Company, an Ohio corporation (the " Company "), completed the previously announced sale of its off-the-road tire business (the " Business ") to The Yokohama Rubber Company, Limited, a Japanese company ( kabushiki kaisha ) (the " Buyer ") for a gross cash consideration of approximately $905 million, subject to certain customary adjustments in accordance with the terms of the Share and Asset Purchase Agreement (the " Purchase Agreement ") dated as of July 22, 2024, by and between the Company and the Buyer (the " Transaction ").

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Source: SEC EDGAR

accession 0001193125-25-019301

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