Car parts maker Bosch has agreed to sell its packaging machinery business to buyout firm CVC as it seeks to streamline its activities and fund investment in areas such as electric cars and autonomous driving.
While Bosch and CVC stated they had agreed not to disclose the purchase price, a person close to the matter said that the deal values the Bosch unit at €850 million (US$957 million).
The packaging technology firm, along with its pharma and food units, is to remain intact, Bosch and CVC said in a joint statement, adding that the deal is subject to approvals by antitrust and other authorities.
“Together with the management team, we will work to take the business forward in the years ahead, and to make it even more competitive,” CVC Managing Partner Alexander Dibelius said.
Full Content: Reuters
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