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 a source familiar with the situation said the deal valued Hilite, whose customers include leading vehicle makers General Motors (GM.N), Chrysler and BMW (BMWG.DE), at about $300 million. 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 between $300 million and $350 million -- or six to seven times earnings before interest, tax, depreciation and amortisation of $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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