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Tuesday, May 17, 2011

3i to purchase fuel efficient auto parts maker Hilite, (III), (NYSE: GM), (BMWG), (NYSE: LAZ)

Private equity firm 3i Group (III.L) said it has agreed a deal to acquire Hilite International, a maker of fuel-efficient auto parts, moving into a fast growing segment of the automotive market. British listed 3i did not disclose the terms of the deal but said Hilite, whose customers include leading vehicle makers General Motors (GM.N), Chrysler and BMW (BMWG.DE), generated revenues of $400 million in 2010. Cleveland, Ohio-based Hilite brought in Lazard (LAZ.N) to find a buyer for the business, after emerging from bankruptcy a year earlier in the hands of its creditors, Reuters reported in December. The company was expected to fetch up to $350 million -- or seven times earnings before interest, tax, depreciation and amortisations of some $50 million -- and draw interest from major auto parts suppliers, as well as private equity firms, a source said at the time.

General Motors Company (GM) is a global automotive company. Shares of GM remained unchanged at $31.1. In the past year, the shares have traded as low as $29.17 and as high as $39.48. On average, 16175700 shares of GM exchange hands on a given day and today's volume is recorded at 0.

Lazard Limited (Lazard) is a financial advisory and asset management Company. Shares of LAZ remained unchanged at $39.54. In the past year, the shares have traded as low as $25.70 and as high as $46.54. On average, 721986 shares of LAZ exchange hands on a given day and today's volume is recorded at 0.



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