June 2, 2016 / 4:25 PM / 4 years ago

France's Valeo to acquire German clutch maker FTE Automotive

The company logo of auto parts maker Valeo is pictured on an electric supercharger before the company's 2015 annual results presentation in Paris, France, February 19, 2016. REUTERS/Benoit Tessier

(Reuters) - French car parts supplier Valeo (VLOF.PA) said on Thursday it would buy German clutch manufacturer FTE Automotive for 819.3 million euros ($914 mln).

Valeo, in a statement, said it had signed an agreement to buy 100 percent of FTE from Bain Capital Private Equity, which bought the German company in 2013 for 400 million euros.

Chinese bidders had also been interested in buying FTE Automotive, two people familiar with the matter told Reuters in January.

FTE Automotive had sales of 500 million euros in 2015 and is present in eight countries, including Germany, the Czech Republic, Slovakia, Mexico and China, Valeo said.

The acquisition should close in the fourth quarter of 2016 or in the first quarter of 2017, it said.

Reporting by Alan Charlish; Editing by Susan Fenton

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