KPS Capital-backed Autokiniton to acquire Tower International for $900m.

KPS Capital-backed Autokiniton Global Group, a North American supplier of metal-formed components and complex assemblies to the automotive industry, agreed to acquire Tower International, a manufacturer of engineered automotive structural metal components and assemblies, for $900m. AGG would pay Tower $31 per share in cash. The all-cash transaction represents a 70% premium to Tower's closing stock price on July 11, 2019. Including Tower's debt and pension-related liabilities, the total value of the transaction is approximately $900m. "We are extremely pleased to reach an agreement with AGG on a mutually beneficial transaction that creates substantial value for Tower stockholders, customers, and colleagues." Jim Gouin, Tower President.