Auto parts firm Magna International signs deal for German company Telemotive AG

TORONTO – Magna International Inc. (TSX:MG) has signed a deal to buy German company Telemotive AG.

Financial terms of the agreement for the company, which has about 550 employees, were not immediately available Monday.

Telemotive provides automotive electronics engineering services.

Magna says it will be integrated into Magna Steyr, its vehicle engineering and contract manufacturing business.

The deal, which is subject to regulatory approval, is expected to close in the second quarter of this year.