 Mike Manley |
Finsbury represents Japan’s Calsonic Kansei Corp., which is owned by investment firm giant KKR, as it plans to shell out $7B to buy Fiat Chrysler Automobile’s Magneti Marelli auto parts business.
The deal positions CKC as the seventh largest components supplier with 200 facilities across Asia, Europe and North America and annual sales in the $17B range.
FCA CEO Mike Manley plans to earmark the cash windfall to fund his company’s move into electric and self-driving vehicles.
The Detroit Free Press noted the deal is the most significant business announcement from FAC since the death this summer of CEO Sergio Marchionne.
CEO Beda Bolzenius said 80-year-old CKC will benefit from MM through “complementary geographic footprints and product lines, while respective customers will benefit from an increased investment in people processes and innovative new products.”
Finsbury’s Nicola McGowan and Ayako Okamoto work the deal.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Collected Strategies handles Exact Sciences as the cancer screening leader is acquired by Abbott in a deal with an enterprise value of $23B.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
