By Adria Calatayud

 

German auto suppliers Hella and Mahle are selling their Behr-Hella Thermocontrol joint venture to Taiwan's AUO in a deal that values the business at 600 million euros ($634.4 million), including debt, the companies said Monday.

Hella expects to book a profit of around EUR100 million for the sale of its 50% stake in BHTC, it said. Mahle is selling its respective 50% stake.

The sale follows a process that began when France's Faurecia--now called Forvia--acquired a majority stake in Hella, the German company said, adding that the deal allows Hella to focus on its core businesses.

Mahle Chief Executive Arnd Franz said the company aims to accelerate its transformation with a focus on electrification, thermal management, and components for sustainable combustion engines.

The sale is expected to be completed by mid-2024, subject to regulatory approvals, the companies said.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

October 02, 2023 08:56 ET (12:56 GMT)

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