AC Industrial Holdings, Inc., a wholly-owned subsidiary of conglomerate Ayala Corp., said on Thursday it has completed the acquisition of a 94.9 percent stake in MT Misslback Technologies GmbH for 26.8 million euros ($30.37 million, P1.54 billion).
The acquisition involves a total of 237,250 shares and with a transaction value that is less than 10 percent of Ayala Corp.’s stockholders’ equity, the company said.
“This investment forms part of AC Industrials’ strategy to increase its competence and capabilities in the automotive value chain and will complement AC Industrials’ existing businesses in manufacturing services and vehicle distribution and dealerships,” Ayala Corp. said in a filing to the local stock exchange.
The acquisition was made through AC Industrials’ Singapore unit.
“Since its formation last year, AC Industrials has actively pursued investments as part of its strategy to assemble a portfolio of businesses that develop, enable, manufacture, and commercialize automotive and other industrial technologies,” Ayala Corp. said
“The purchase will be paid in cash and also involves the assumption of debt and other liabilities,” Ayala Corp. said. The full cash amount is payable to the sellers upon closing.
MT Misslback is a German-based automotive supplier of models, tools and plastic parts to automotive original equipment manufacturers (OEM) and automobile tier 1 suppliers. Established 1869, the company has production plants in Ingolstadt, Germany.
The German company designs and creates models of entire cars or parts of a car, manufactures injection moulds for metal and plastic car parts, and produces automotive plastic parts for prototyping and serial production.