Cleary Gottlieb is representing Hanon Systems, a South Korean auto parts maker, in its acquisition of Magna International’s (Magna) global Fluid Pressure & Controls business (FP&C), for approximately $1.23 billion.
The transaction, which was announced on September 20, 2018, is expected to close in the first quarter of 2019, subject to the appropriate regulatory approvals.
Magna’s global FP&C business specializes in the design, manufacture, and supply of mechanical and electronic pumps, electronic cooling fans, and other components. The transaction includes 10 manufacturing and engineering facilities across Europe, North America, and Asia, and approximately 4,200 employees.
Hanon Systems is a Korea-based global automotive supplier of thermal and energy management solutions in the areas of heating ventilation and air conditioning, powertrain cooling, compressors, fluid transport, and thermal and emissions. It has 40 manufacturing sites and 18 engineering sites across 20 countries, and more than 16,500 employees.
Headquartered in Ontario, Canada, Magna is a mobility technology company and one of the world’s largest automotive suppliers with 339 manufacturing operations and 89 product development, engineering, and sales centers in 28 countries. Its common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange.