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.

© 2015 AFP

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