Samvardhana Motherson International Ltd (SAMIL) has entered into an agreement to acquire 100% stake in Germany-based SAS Autosystemtechnik at an enterprise value of 540 million euros.
Samvardhana Motherson Automotive Systems Group BV (SMRPBV) is the subsidairy of SAMIL, which has entered into the agreement with the SAS company from Faurecia, a company of the FORVIA Group.
"Samvardhana Motherson Automotive Systems Group BV (SMRPBV) a 100 % subsidiary of Samvardhana Motherson International Limited (SAMIL) has entered into an agreement to acquire 100% stake in SAS Autosystemtechnik GmbH (Germany) (“SAS") from Faurecia, a company of the FORVIA Group (an entity listed on Paris stock exchange)," said Motherson in its filing.
SAS Autosystemtechnik provider of assembly and logistics services for the automotive industry. Its gross revenues were about 4.4 billion euros on principal basis with net revenues (IFRS) of 896 million euros for the year ended December 31, 2022, with almost half of it contributed by EV programs.
The orders in hand already secured are of over 3 billion Euro in cumulative net revenues over the next 3 years. It has more than 5,000 employees in over 24 manufacturing locations in Europe, Asia, and America.
The transaction will be funded by a mix of debt and internal accruals.
“We have always added new products and technologies to closely serve our customers in a more cohesive way. The acquisition of SAS is an important step in this direction. By adding complementing capabilities which SAS brings, we will be able to further enhance our tier 0.5 position with our customers. With this acquisition, we will be even more diversified in our customer base and products. This acquisition will transform Motherson Group to be a leading assembler of cockpits modules globally, with special focus on EV models. We look forward to welcoming over 5,000 new members into the Motherson family," said Vivek Chaand Sehgal, Chairman, Motherson.
Samvardhana Motherson International Ltd reported a consolidated net profit from continuing operations at ₹500.73 crore in the December quarter. The company had posted a consolidated net profit from continuing operations of ₹225.95 crore in the year-ago period.