TOLEDO, OH — Dana Corp. announced yesterday it has amended the agreement to sell Dana’s automotive aftermarket businesses to Affinia Group Inc., an affiliate of The Cypress Group. Among other things, the amendment revises the purchase price to approximately $1 billion, comprised of $950 million in cash and a seller’s note with a $74.5 million face amount.
Dana said it still expects the transaction to close by the end of this month, as previously announced. Closing is subject to the purchaser’s completion of financing, as well as other usual and customary conditions.
Dana Chairman and CEO Michael Burns reiterated that the completed transaction will provide Dana with important strategic and financial flexibility. “As we’ve shared from the start, this transaction will allow Dana to leverage our historic strengths and core businesses to better serve our global original equipment customers,” he said.
Credit Suisse First Boston LLC and Goldman, Sachs & Co. are acting as financial advisors to Dana for this transaction.
To learn more about Cypress, go to: www.cypressgp.com.
For more information about Dana, visit: www.dana.com.
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