Auto parts supplier Magna snaps up Getrag for 1.75 bln euros
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.
© 2015 AFP