Car parts maker Magna to buy German auto transmission company Getrag for $1.9 billion
Car parts maker Magna International Inc. is buying Getrag, a German-based manufacturer of automotive transmissions, in a 1.75 billion euro ($1.9 billion) deal.
Magna, based in Aurora, Ontario, pointed Thursday to Getrag's strength in the growing market for dual-clutch transmissions and to its joint-venture relationships with Ford and with Chinese automakers Jiangling and Dongfeng.
It said that the purchase price reflects a value of 2.45 billion euros for the company minus an estimated 700 million euros in debt and pension liabilities.
The deal, which is subject to regulatory approval, is expected to close near the end of this year.