India's Mahindra agrees to buy Italian car designer Pininfarina for $36 mln

  • Reuters
  • Stock Market News
India's Mahindra agrees to buy Italian car designer Pininfarina for $36 mln
Credit: © Reuters.

MUMBAI, Dec 14 (Reuters) - India's Mahindra group, with interests in automobiles, finance and IT services, has agreed to buy Italian car designer Pininfarina PNNI.MI for about 33 million euros ($36 million) to boost its design capabilities.

The deal will be done via a new unit in which automaker Mahindra & Mahindra Ltd MAHM.NS will hold 40 percent and Tech Mahindra Ltd TEML.NS , the IT outsourcing arm, will own the remaining 60 percent stake, the Indian company said on Monday.

Milan-listed Pininfarina has designed cars for Ferrari (N: RACE ), Maserati, Rolls-Royce (L: RR ) and Cadillac.

The Mahindra joint venture will acquire 76.06 percent of Pininfarina for 1.1 euros per share and will also make an open offer to public shareholders for the remaining 23.94 percent stake at the same price, the company statement said.

($1 = 0.9103 euros)

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