KKR-backed Calsonic to buy Fiat Chrysler's Magneti Marelli unit for US$7.1 billion

KKR-backed Calsonic to buy Fiat Chrysler's Magneti Marelli unit for US$7.1 billion

A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it's traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016. REUTERS/Brendan McDermid
TOKYO: Japanese car parts maker Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler's high-tech parts-making unit Magneti Marelli unit for 6.2 billion euros (US$7.1 billion), the companies said.Magneti Marelli specializes in lighting, powertrain and high-tech electronics. The deal creates a global auto components giant with 15.2 billion euros in revenue, they said in a statement.
KKR bought Calsonic from Nissan and other shareholders in 2016. At the time, it said it would help Calsonic, which relies on Nissan for the bulk of its global sales, to expand internationally.(Reporting by Junko Fujita; Editing by Ritsuko Ando and Edwina Gibbs)
Source: Reuters
 Source : https://www.channelnewsasia.com/news/business/kkr-backed-calsonic-to-buy-fiat-chrysler-s-magneti-marelli-unit-for-us-7-1-billion-10850506