Goodyear Tire and Rubber Co. are acquiring Cooper Tires in a deal with an equity value of $2.8 billion. This deal will bring the two biggest remaining American tire companies together.

This deal will nearly double Goodyear’s presence in China. For Cooper, this deal will allow access to Goodyear’s 2,500 retail locations. Both American tire companies had over $19.5 billion in sales in 2019.

Shareholders of Cooper Tire and Rubber Co., based in Findlay, Ohio, will get $41.75 in cash and about .9 shares of Goodyear common stock per share of Cooper stock.

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