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International business negotiations result in 3i / Hilite deal

Business negotiations have resulted in a deal being struck between 3i and Hilite.

17 May 2011

International business negotiations have resulted in an agreement being signed by UK investment group 3i and automotive product supplier Hilite.

The former group has agreed to acquire a majority stake in the latter, in a sale for which details are currently undisclosed.

Based in the US, Hilite operates a number of manufacturing plants around the world. Its products are used in a variety of engines, transmissions and exhaust systems.

3i suggested that the firm is in a good position to benefit from future trends towards fuel efficiency and the reduction of emissions.

Ken Hanau, managing partner for the group in North America, welcomed the move.

"Our investment in Hilite is a perfect example of how 3i taps the experience contained in our global network to help its portfolio companies grow internationally," he said.

This comes after software giant Microsoft concluded its business negotiations with Skype by offering $8.5 billion (£5.1 billion) to the voice over IP specialist.

Posted by David Gleck

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