French auto-parts maker Faurecia said March 1 the company completed the tender offer to buy Hitachi Ltd.'s information and entertainment subsidiary Clarion Co. Ltd.
Clarion shareholders tendered 95.28% of their shares to Faurecia. As part of its agreement signed Oct. 26, 2018, Hitachi tendered all of its shares, representing a 63.8% stake in Clarion.
The acquisition will be completed March 7, following which the company will implement a squeeze-out procedure to buy all the remaining shares of Clarion.
Faurecia will establish on April 1 a new Japan-based business group, named Faurecia Clarion Electronics, by regrouping Clarion, Parrot Faurecia Automotive and Coagent Electronics.
The new entity will have about 9,200 employees, as well as more than 1,650 software engineers. Faurecia projects the new group to generate €2 billion in sales by 2022.