S Korea's PE-backed Hanon Systems buys Canada's Magna for $1.23b

S Korea's PE-backed Hanon Systems buys Canada's Magna for $1.23b

Seoul, South Korea. Photo by Emile-Victor Portenart on Unsplash.

Hanon Systems, Korea’s largest automotive supplier backed by the private equity firm Hahn & Co, has agreed to acquire the fluid pressure and controls business from Canadian automotive supplier Magna International Inc for $1.23 billion, according to the company’s announcement last Thursday.

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