Wagon Plc of the UK has agreed to buy the European operations of Oxford Automotive for £128m ($221m).
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The combined company will have pro-forma revenues of over €1.2bn from supplying modular automotive body systems and mechanisms to European OEMs. Wilbur Ross, the leading shareholder and a director of Oxford, said the group will among the five largest in the European automotive industry.
The transaction is subject to a vote by Wagon shareholders in early April and the appropriate approval by regulatory authorities.
Shares in Wagon were suspended last month after it announced it was in discussions to buy Oxford. Shares are due to resume trading on 14 March.
Pierre Vareille, group chief executive of Wagon, said, “the acquisition of Oxford represents a compelling opportunity for Wagon to achieve a step change in its strategic positioning.”
