Magna Signs Agreement to Acquire Ixetic for €308 Million

ixetic is a manufacturer of automotive vacuum, engine and transmission pumps. The company had full year 2011 total sales of approximately €300 million.

The purchase price payable for 100% of the outstanding shares of ixetic, on a cash-free and debt-free basis, is approximately €308 million, including the effect of the estimated closing adjustments.

This transaction is expected to close in the fourth quarter of 2012, subject to obtaining European anti-trust approval.