China’s Joyson Investment Holding has agreed to buy Preh, the German auto supplier, another sign that Chinese companies are increasingly interested in European acquisitions.
Joyson, a privately owned automotive electronics supplier based in Ningbo, in China’s prosperous Zhejiang province, will take a 74.9 per cent stake in Preh, creating a company with more than €500m ($725m) in sales, Preh said.
The goal is to boost sales in China, the world’s largest automobile market, Joyson said. The deal has already been cleared by China’s National Development and Reform Commission, Joyson said, and approval from the Ministry of Commerce is expected.
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