A joint venture between private-equity firm WL Ross & Co. and Lear Corp. reportedly has signed a definitive agreement to buy the European operations of bankrupt components maker Collins & Aikman for ‘well in excess” of US$100 million in cash.
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Dow Jones said the operations generated revenue of $600 million.
The venture, formed in October and called International Auto Components Group, reportedly said the purchase price will comprise “cash well in excess of $100 million.”
IAC has agreed to acquire operations in Austria, Belgium, Czech Republic, Germany, the Netherlands, Slovakia, Spain, Sweden and the UK, though the deal is subject to anti-trust approval and other customary conditions, Dow Jones noted, adding that Collins & Aikman filed for bankruptcy protection in May.
