Fiat Chrysler Automobiles has completed the sale of Magneti Marelli, a company which designs and manufactures systems and components for the automotive sector, to CK Holdings a holding company of Calsonic Kansei Corporation, manufacturer and seller of automotive parts. The transaction values acquired company at €5.8bn. The combined businesses of Calsonic Kansei and Magneti Marelli will create the world’s 7th largest global independent automotive components supplier based on total revenues. “Our industry has gone through fierce change in recent years and the phase to come will be even more dynamic. "It is exciting to form a strong platform for Calsonic Kansei and Magneti Marelli to work together and create a competitive automotive supplier which is extremely well placed among the global Top Ten. Together, we will benefit from complementary geographic footprints and product lines, while our respective customers will benefit from an increased investment in people, processes and innovative new products.” Beda Bolzenius, Calsonic Kansei CEO