Japan’s Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler’s Magneti Marelli for $7.1 billion.
October 22, 2018—Japan’s Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler’s Magneti Marelli for $7.1 billion to form the seventh-largest independent car parts supplier, reported Reuters.
The newly formed Magneti Marelli CK Holdings is likely to cut costs through synergies and expand its customer base as components makers try to keep up with a shift by carmakers into autonomous driving, connected cars and electric vehicles.
Neither FCA nor its top shareholder, Fiat’s founding Agnelli family, will have a stake in the combined business but FCA said it would enter into a multi-year agreement to secure supplies to its plants and also to maintain operations and staff in Italy, according to the report.
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