Auto parts maker BorgWarner to buy Remy International
(Reuters) - Auto parts maker BorgWarner Inc (BWA.N) said it would buy Remy International Inc (REMY.O), a maker of electric and hybrid motors, for about $1.2 billion (772.3 million pounds) in cash, including debt.
BorgWarner's offer of $29.50 per share represents a premium of 44 percent to Remy's closing price of $20.53 on Friday.
The deal, expected to close in the fourth quarter of 2015, will add to earnings in the first year after the close, BorgWarner said.
(Reporting by Ankit Ajmera; editing by Saumyadeb Chakrabarty)