US based Delphi Automotive has acquired FCI Group's (FCI) UK based Motorized Vehicles Division (MVL), an automotive connection systems maker, for EUR765m.
MVL, owned by Bain Capital's affiliates, offers interconnection systems for various automotive applications and will now be under Delphi's Electrical / ElectronicArchitecture division (E/EA).
For the year ended 31 December 2011, MVL had posted a revenue of EUR692m.
The acquisition will allow Delphi to expand its global reach and current connector business, which comprises connectors for the safety restraint systems (SRS) market, powertrain and electrical vehicles.
Delphi said that the transaction is expected to be $0.24 accretive to its 2013 earnings per share, excluding integration and other acquisition-related costs.
Delphi president and chief executive officer Rodney O'Neal said, "The combined connector businesses will deliver significant revenue and operating synergies and accelerate our sales and earnings growth."
