Auto parts supplier Magna snaps up Getrag for 1.75 bln euros

16th July 2015, Comments 0 comments

Canadian auto parts supplier Magna International said Thursday it will acquire German transmission maker Getrag for 1.75 billion euros ($1.9 billion).

Getrag specializes in manual, automatic and hybrid transmission systems and has 13,000 employees around the world.

The deal announced in a statement by Ontario-based Magna values Getrag at 2.45 billion euros, including debt and pension liabilities estimated at 700 million euros.

The transaction is expected to close near the end of this year.

mbr/jld/dw/pst


© 2015 AFP

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