Spain's CIE Said to Be in Talks to Buy Inteva's Roof Systems
Spain's CIE Is Said in Talks to Buy Inteva's Roof Systems Unit
(Bloomberg) -- CIE Automotive SA is in talks to acquire the roof systems business of U.S. car-parts and equipment maker Inteva Products LLC in what could be its largest acquisition ever, according to people familiar with the matter.
The Inteva unit, which makes both electric and manual sunroofs, could be valued at about $800 million in a transaction, the people said, asking not to be identified because the deliberations are private. CIE may seal the deal early next month, one of the people said. Still, negotiations are ongoing and closely held Inteva has also drawn other suitors for the asset, the people said.
Representatives for CIE declined to comment. Spokesmen for Inteva didn’t return calls seeking comment, while its parent firm, Renco Group Inc., referred inquiries back to the Troy, Michigan-based company.
Buying the roof-systems business from Inteva would mark the boldest move to date by CIE, which has expanded through a series of smaller purchases including that of Newcor Inc. in the U.S. last year and Grupo Amaya Telleria in 2016. Shares of the company, based in the northern Spanish city of Bilbao, rose 3.2 percent to 25.70 euros in Madrid after earlier climbing by the most in almost a month.
Founded in 2008, Inteva’s businesses include supplying components and systems including motors and electronics to the automotive industry, according to its website.
To contact the reporters on this story: Manuel Baigorri in Hong Kong at mbaigorri@bloomberg.net;Kiel Porter in New York at kporter17@bloomberg.net;Aaron Kirchfeld in London at akirchfeld@bloomberg.net
To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, ;Aaron Kirchfeld at akirchfeld@bloomberg.net, Chitra Somayaji, Amy Thomson
©2018 Bloomberg L.P.