Fiat Chrysler Automobiles (FCA) has successfully sold car parts unit Magneti Marelli to Calsonic Kansei for €5.8 billion.
In 2018, FCA agreed to sell Magneti Marelli to the parent of Japan’s Calsonic Kansei, CK Holdings for €6.2 billion to form the world’s seventh-largest independent car parts supplier.
The agreed fee is slightly below the initial price tag due to adjustments based on Magneti Marelli’s estimated financial position as of the closing date.
Calsonic Kansei and Magneti Marelli CEO Beda Bolzenius said: “As part of this [deal], our relationship with FCA remains an important one, as we continue to serve them as part of our multi-year supply agreement. In being able to serve our customers as one firm, integration is a key priority – both culturally and operationally. We will coordinate our efforts to focus on creating a globally-diversified tier-one supplier, which our customers and employees can be proud to be part of.”
The combined business will operate under the name Magneti Marelli CK Holdings Co., Ltd.