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FCA May Sell Magneti Marelli to Samsung Electronics
Fiat Chrysler Automobiles NV is in talks to sell all or part of its Magneti Marelli parts business to Samsung Electronics Co., sources tell Bloomberg News.
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Fiat Chrysler Automobiles NV is in talks to sell all or part of its Magneti Marelli parts business to Samsung Electronics Co., sources tell Bloomberg News. Neither company has commented.
One source says the deal could be worth more than $3 billion and be completed by year-end. A sale would help FCA CEO Sergio Marchionne bankroll the company’s ambitious five-year product development plan.
Samsung is especially interested in Magneti Marelli’s telematics, lighting and in-car entertainment operations, according to the news service. The overture is being led by Lee Jae Yong, Samsung Electronics' 48-year old vice chairman. Bloomberg notes that he has been a board member of Exor, FCA’s controlling shareholder, for four years.
Lee is refocusing Samsung, which is South Korea’s largest company. Last December Samsung set up a team to pursue automotive-related business opportunities, including in-car infotainment and autonomous driving. In July the company bought a stake in Chinese electric carmaker BYD Co. Ltd.
The two companies have collaborated on automotive projects since 2009. Among Magneti Marelli’s areas of expertise are connectivity, telematics and navigation. It also produces engine, transmission and suspension components.
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