Feb. 23 (Bloomberg) -- Valeo SA, France’s second-largest auto-parts supplier, agreed to buy Japan’s Niles Co. to boost its presence in Asia.
Valeo will buy 77.9 percent of Niles, whose customers include Nissan Motors Co. and General Motors Co., from RHJ International SA, for 15.5 billion yen ($190 million). The transaction is expected to be completed in the first half of this year, the company said today in a statement.
Valeo, whose products include headlamps, hands-free parking devices and “stop-and-start” systems for saving fuel, “would strengthen its position in Asia and with Japanese automakers, particularly Nissan, with this acquisition,” it said in a statement.
Valeo shares fell 2.5 percent at 9:39 a.m. in Paris, where the company is based, to 42.10 euros, giving the company a market value of 3.3 billion euros.
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