Cleary Gottlieb represented Valeo in its sale of its wiring harness business, Valeo Connective Systems, to Leoni, a German industrial group, for an enterprise value of €255 million. The transaction was signed on October 16 and is expected to close by the end of the year, subject to regulatory approval.
Valeo is an independent industrial group dedicated to the design, production and sale of components, integrated systems and modules for cars and trucks. Ranking among the world’s leading automotive suppliers, Valeo has 133 production sites, 67 R&D centers, 9 distribution platforms, and employs 72,300 people in 29 countries.
Leoni is a global supplier of wires, cables and wiring systems as well as related development services. Listed in the German MDAX index, Leoni now employs approximately 47,000 people in more than 30 countries and has about 70 production facilities.