Brief: CIE Automotive Buys Indian Company Aurangabad Electrics

CIE Automotive India

12/03/2019 08:10

March 12 (Reuters) - CIE Automotive Sa  CIEA.MC :
    * INFORMS ON THE EXECUTION OF AN AGREEMENT FOR THE
ACQUISITION OF
THE INDIAN COMPANY AURANGABAD ELECTRICS LTD
    * PRICE OF TRANSACTION AMOUNTS TO 110 MILLION EUROS WHICH
INCLUDES
A CONTINGENT DEFERRED PAYMENT OF 8 MILLION EUROS
    * DEAL WILL BE PAID BY MAHINDRA CIE AUTOMOTIVE IN CASH, WILL
BE
FUNDED FROM AVAILABLE CASH
    * CLOSING OF TRANSACTION EXPECTED TO BE DURING APRIL 2019
    * MANAGEMENT TEAM WILL BE FULLY RETAINED
    * SEES AURANGABAD ELECTRICALS 2019 EBITDA GROWTH AT 11.8
PCT,
REVENUE GROWTH 34 PCT

Source text for Eikon:  ID:nCNM1qNWzQ 
Further company coverage:  CIEA.MC 

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