M&A

M&A

Autocomp supplier Suprajit to acquire light duty cable unit of Norway's Kongsberg for $42-M

Press Release   Press Release  

Bengaluru-based, publicly-listed Suprajit Engineering, an automotive components supplier, is to acquire the Light Duty Cable (LDC) business unit of Kongsberg, Norway-based Kongsberg Automotive ASA, an entity listed on the Oslo Stock Exchange, for an enterprise value of USD 42 million. Grant Thornton Bharat LLP, India was the sole financial adviser and Oppenhoff & Partner, Germany, was the lead legal adviser to Suprajit for this transaction. Rothschild & Co acted as financial adviser and Latham & Watkins acted as legal adviser to Kongsberg Automotive. Kongsberg's LDC business unit manufactures mechanical and electro-mechanical light-duty cables mainly used in on-highway and off-highway applications. The unit consists of the company's cable business, supplying to automotive, non-automotive and two-wheeler segments along with electro-mechanical actuators. The transaction also involves the transfer of global sales and engineering expertise related to this business to Suprajit. The current year sales of the division is around USD 90 million.