November 23, 2016 / 2:06 PM / 3 years ago

Mexico's GISSA to pay $296 mln for Spain's Infun

MEXICO CITY, Nov 23 (Reuters) - Mexico’s conglomerate Grupo Industrial Saltillo, or GISSA, said on Wednesday it agreed to buy Spain-based auto parts maker Grupo Infun for 280 million euros ($296 million) in a bid to expand in Europe and gain a foothold in Asia.

Privately held Infun, which supplies global automakers, had sales of 207 million euros last year, GISSA said in a statement to the Mexican stock exchange.

Barcelona-based Infun has iron smelting operations in Spain, Italy and China and ironworks in Spain and China. GISSA will pay for the deal with $60 million in cash and up to $326.5 million bank loans, the statement said. ($1 = 0.9446 euros) (Reporting by Michael O’Boyle; Editing by Jeffrey Benkoe)

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