TOLEDO, Ohio (Nov. 3, 2004) — Dana Corp. announced it has amended the agreement to sell its automotive aftermarket business to Affinia Group Inc., an affiliate of The Cypress Group, revising the purchase price to about $1 billion.
In July, Dana announced its intentions to sell the business for about $1.1 billion. The revised price includes $950 million in cash and a seller's note with a $74.5 million face amount.
The Toledo-based automotive supplier expects the transaction to close by the end of November. Closing is subject to the buyer's completion of financing as well as other conditions.
“As we've shared from the start, this transaction will allow Dana to leverage our historic strengths and core businesses to better serve our global original equipment customers,” said Michael Burns, Dana chairman and CEO.
The Cypress Group is a private equity group that manages two private equity funds with more than $3.5 billion in commitments.