By Tess Stynes
Visteon Corp. agreed to sell its 70% interest in Halla Visteon
Climate Control Corp. to an affiliate of South Korea-based
private-equity firm Hahn & Co. and Hankook Tire Co. in a deal
the automotive supplier valued at roughly $3.6 billion.
Visteon shares rose 6.7% to $102.05 in recent early trading.
The deal, expected to close in the first half of 2015, is part
of Visteon's broader effort to focus on its cockpit electronic
ecosystems businesses and connected car segment.
Visteon said the deal is valued at 52,000 Korean won ($47.52) a
share.
In May, Visteon reached a deal to sell the majority of its
global automotive-interiors business to an affiliate of Cerberus
Capital Management LP.
Earlier this year, Visteon also acquired a part of Johnson
Controls Inc.'s automotive electronics business, a move that aimed
to improve Visteon's competitive position in the vehicle cockpit
electronics sector.
"HVCC is Korea's largest and the world's second largest provider
of thermal management solutions and will be an excellent fit within
our existing portfolio and strategy," Hahn & Co. Chief
Executive Scott Hahn said.
Visteon plans to provide more details about the deal, as well as
the expansion of its electronics and connected car business, at an
auto industry conference in Detroit on Jan. 13.
Write to Tess Stynes at tess.stynes@wsj.com
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