Magna acquires 1.9 billion U.S. dollars to win the position of Gertrung

On July 16, 2015, Magna International of Canada and Getrag of Germany signed an agreement, the former will acquire the latter for US$1.9 billion.

Magna acquires 1.9 billion U.S. dollars to win the position of Gertrung

Magna puts Getrag in the bag

Magna said in a statement that it will invest approximately 1.75 billion euros (1.9 billion US dollars) to acquire 100% of GETRAG. According to the assessment, the market value of GETRAG, which includes debt and pension liabilities of 700 million euros, is approximately 2.45 billion euros. The final transaction price will depend on working capital, other purchase price adjustment practices, and so on.

In terms of progress, Magna and Getrak expect to complete the transaction by the end of 2015. A series of conditions will determine the actual time node, including obtaining all necessary legal approvals.

More details of future transactions will be announced by the two companies.

According to informed sources, GETRAG's brand and factory layout will be retained without any layoffs, but it is expected that both parties will achieve joint effects through joint procurement and reduce operating costs.

And Getrak CEO Mihir Kotecha said that the two sides have actually negotiated for 8 to 9 years. After Getragh assessed how to promote the fundraising plan in 2012, the negotiation density has further increased.

Magna is the largest auto parts supplier in North America, with the world's second-largest revenue and profit in 2014. It ranks second only to Bosch and over China and Denso. Its rival ZF acquired Tianhe last year and will compete with Magna for the second place if it completes the merger.

Strengthen the transmission business

Magna has accumulated strong power in the field of transmission systems, and GETRAK is one of the largest independent transmission manufacturers, and can further strengthen Magna's transmission business.

Industry sources pointed out that Magna has become a mainstream supplier of transmission technologies such as transmissions, and GETRAG can make Magna's transmission lineup more comprehensive. Magna also said that GETRAK is one of the leading roles of DCT dual clutch transmissions.

In 2014, Magna Powertrain achieved sales of US$5 billion, which accounted for approximately 14% of the company’s annual operating revenue. If it can complete the absorption of GETRAK, it will further increase sharply. In 2013, GETRAK's revenue was US$3.6 billion. There are 23 factories in the world with 13,500 employees.

In November of last year, Mihir Kotecha had predicted that by 2019, the company’s revenue will reach 5 billion euros, and China may become its largest market.

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