Delphi Automotive (Troy, MI) has entered into exclusive negotiations and has made a binding offer to acquire the Motorized Vehicles Division (MVL) of FCI Group (Versailles, France), a business that is currently one of its key suppliers.
MVL is a leading global manufacturer of automotive connection systems with a focus on high-value, leading technology applications. The transaction is valued at €765 million (approximately $972 million) and is expected to close by year-end 2012, subject to acceptance of the offer and regulatory approvals.
MVL, which will become part of Delphi's Electrical/Electronic Architecture segment ("E/EA"), is the leading global provider of high-performance interconnection systems for a wide range of applications. These include connectors for the high-growth safety restraint systems (SRS) market, powertrain and electrical vehicles. MVL had revenue of €692 million in the year ended December 31, 2011, and is owned by affiliates of Bain Capital.