Canadian auto parts giant Magna to buy Germany's Getrag Group for $1.9 million

Auto parts maker Magna International Inc. will pay about US$1.93 million (1.76 billion euros) to buy the Getrag Group, a German supplier of automotive transmissions for car manufacturers such as Ford, BMW, Daimler and others.

The Ontario-based company said Thursday that Getrag is a leader in high-growth segments of the transmission industry and has significant joint-venture relationships with Ford, as well as with two Chinese auto makers.

Getrag has about 13,500 employees and operations in nine countries in Europe, Asia and North America.

Magna says it expects the deal to close near the end of 2015, subject to necessary approvals.

Magna says the offer values Getrag at about US$2.67 million (2.44 billion euros) after accounting for debt and pension liabilities that Magna will assume.