刚刚，采埃孚把ADAS业务卖给三星了，到手124亿

Core Viewpoint - ZF Friedrichshafen AG has agreed to sell its Advanced Driver Assistance Systems (ADAS) business to Harman Group for €1.5 billion (approximately ¥12.4 billion), pending regulatory approval expected by the second half of 2026 [2][4]. Group 1: Transaction Details - The sale involves the packaging of several core business segments within the ADAS division, including computing solutions, smart cameras, radar technology, and ADAS software functions, while retaining chassis electronic components for commercial vehicle applications [5]. - The transaction will result in approximately 3,750 employees from ZF's ADAS division being transferred to Harman, which represents a significant portion of the division's workforce of about 6,465 employees globally [6][7]. Group 2: Financial Context - ZF is facing a substantial debt burden of approximately €10.6 billion (around ¥87.75 billion) as of mid-2025, with profits primarily allocated to debt repayment [4][11]. - In 2024, ZF's adjusted EBIT was only €210 million, while it needed to pay €810 million in interest, leading to a net loss of €1.02 billion and a total debt of €10.5 billion [11][15]. - The company's net debt has surged from €279 million in 2014 to €10.5 billion in 2024, with an average annual interest expense of €575 million [17]. Group 3: Strategic Implications - The sale is seen as a necessary step for ZF to alleviate financial pressure and is part of a broader strategy to divest non-core assets and reduce debt [11][20]. - Harman, a subsidiary of Samsung, aims to enhance its automotive offerings by acquiring ZF's ADAS technology, which fills a gap in its perception systems and positions it as a comprehensive supplier of L2+ hardware and software [10][11]. - The acquisition aligns with the industry's shift towards integrated computing architectures that combine safety, intelligence, and cabin experience [10].