Fiat Chrysler parts firm Magneti Marelli sold for $7.1B

23 Octobre, 2018, 04:38 | Auteur: Auguste Feret
  • Fiat Chrysler parts firm Magneti Marelli sold for $7.1B

A screen displays the ticker information for Fiat Chrysler Automobiles NV at the post where it's traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 12, 2016.

On Monday, the automaker announced that it has cut a deal to sell the its Magneti Marelli auto parts division for $7.2 billion.

FCA CEO Mike Manley said Magneti Marelli would remain one of Fiat Chrysler's most important business partners. Magneti Marelli specializes in lighting, powertrains, and high-tech electronics.

The spinoff of Magneti Marelli had been long planned, as part of late CEO Sergio Marchionne's strategy to unlock shareholder value. Calsonic initially made a bid of $6.7 billion, according to the report.

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Neither FCA nor Fiat's founding Agnelli family will have a stake in Magneti Marelli CK Holdings, but FCA plans for a multi-year agreement to secure various supplies for its automaking business and to maintain operations in Italy.

FCA also preferred the Calsonic offer to a pure private equity bidder because it limits the risk of the unit being broken up, sources have said. The funds could also be used for a promised dividend payout and a share buyback, the Reuters report said. Magneti Marelli employes 43,000 people in 19 countries.

Timing is everything and Chrysler Fiat no doubt hopes to profit off that uncertainty by recentering the company's vision toward the auto world's technology-driven future.

JP Morgan and Goldman Sachs were financial advisers to FCA on the Magneti Marelli deal, which is expected to close in the first half of next year and is subject to regulatory approvals.

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