MILAN: Italian auto-parts maker Sogefi SpA bought French peer Mark IV Systemes Moteurs in a deal giving the French company an enterprise value of 150 millions euros ($215 million).
Sogefi shares were up 6.2 percent at 0715 GMT, outperforming a 3.2 percent rise in the European auto and parts index .
"It is a positive deal for Sogefi. They had been talking about this acquisition for a long time. It will increase synergies, especially in France, and complete their offer on filters," said an analyst, who declined to be named.
Sogefi, which is active in filters and suspension components, said on Tuesday the deal with Mark IV would boost its total pro-forma revenue for 2011 to around 1.3 billion euros. In 2010 Sogefi's revenue was 925 million euros.
Mark IV's revenue was 270 million euros in 2010, Sogefi said. Sogefi is a unit of Italian holding CIR .
"This deal continues a 30-year history of technological development, operational efficiency and expansion into new markets. We will continue to follow this route in the future too," Sogefi Chairman Rodolfo De Benedetti said in a statement.
Mark IV Systemes Moteurs has seven production plants including three in France with a total of 1,200 employees worldwide.
source-economictimes
Steven
Management trainee-fundamental analyst
DENIP Consultants Pvt Ltd
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