Dana to acquire the Driveline division of the UK's GKN, for $6.1bn.

Dana, the US-based automotive components manufacturer, to acquire the Driveline division of UK's GKN for a total enterprise value of $6.1bn, payable in cash and shares. The share consideration would be distributed via a special dividend to GKN shareholders, who would own 47.25% of the combined group. "This transformative and strategic transaction solidifies Dana as a world leader in vehicle drive systems and establishes us a leading position in electric propulsion, which we see as the future of vehicle drivetrains. We have a long history of partnering with GKN, and the companies possess similar cultures and exceptionally talented people. Our highly complementary businesses share a deep understanding of our customers' long-term requirements. We look forward to delivering value and growth to our shareholders." James Kamsickas, Dana President and Chief Executive Officer.