October 22, 2018 / 5:23 AM / a month ago

KKR-backed Calsonic to buy Fiat Chrysler's Magneti Marelli unit for $7.1 bln

TOKYO, Oct 22 (Reuters) - Japanese car parts maker Calsonic Kansei, owned by U.S. private equity firm KKR, has agreed to buy Fiat Chrysler’s high-tech parts-making unit Magneti Marelli unit for 6.2 billion euros ($7.1 billion), the companies said.

Magneti Marelli specialises in lighting, powertrain and high-tech electronics. The deal creates a global auto components giant with 15.2 billion euros in revenue, they said in a statement.

KKR bought Calsonic from Nissan and other shareholders in 2016. At the time, it said it would help Calsonic, which relies on Nissan for the bulk of its global sales, to expand internationally.

$1 = 0.8687 euros) (Reporting by Junko Fujita; Editing by Ritsuko Ando and Edwina Gibbs)

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