Deal Announcement
We are pleased to announce that Lenbach Equity Opportunities III (“LEO III Fund”), advised by DUBAG Group, has signed a put option agreement with JTEKT Corporation for the acquisition of 100% of JTEKT’s automotive steering business serving European OEMs (“Zenith”).
The transaction marks an important step in establishing Zenith as an independent, innovation-driven European Tier-1 supplier with strong engineering DNA and a clear ambition to further strengthen its position as a long-term technology partner to leading OEMs.
As a standalone company, Zenith will operate with full organizational autonomy, dedicated governance and independent systems. Together with management, we aim to implement a structured transformation program focused on operational excellence, accelerated decision-making and continued investment in next-generation steering technologies – including Steer-by-Wire
The transaction is subject to customary information and consultation procedures as well as regulatory approvals. Closing is expected in early autumn 2026.
Zenith generated revenues of EUR 845 million across seven sites in FY25. This transaction is the largest investment by DUBAG since its inception and an important milestone in the growth of our organization.
We would like to thank all parties involved for the constructive and professional collaboration throughout the process.
The DUBAG deal team:
Sven Lüdiger
Fabian Hilke
Sebastian Stalter
Christoph Mödder
Legal:
Sven Schweneke and his team from Taylor Wessing
Marguerite Galois-Boyé and her team from DEGROUX BRUGÈRE
