Luxshare Precision plans to acquire Leoni to advance globalization of automotive business

Luxshare Precision announced that in order to accelerate the globalization of its automotive business and enhance the global market competitiveness of automotive wiring harness products, the company plans to acquire 50.1% of Leoni AG and 100% of its wholly-owned subsidiary Leoni K. Leoni AG has two core businesses, namely the automotive cable solutions department and the wiring harness system department. In order to ensure the smooth progress of the transaction, L2-Beteiligungs, the sole shareholder of Leoni AG, will urge the four companies operating the automotive cable solutions business to complete the asset restructuring before the equity delivery date.