Deals
BorgWarner to Buy Remy as Auto-Parts Makers Combine to Grow
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BorgWarner Inc. agreed to buy Remy International Inc. for $951 million in cash, driving further consolidation of the auto-parts industry.
BorgWarner will pay $29.50 a share, a 44 percent premium from Remy’s closing price on Friday, according to a statement Monday. The price indicates an enterprise value of about $1.2 billion, BorgWarner said. The maker of turbochargers and transmission parts said the deal is set to close in the fourth quarter and should add to earnings in the first year because of purchasing efficiencies and other savings.