LG and Magna to form LG Magna e-Powertrain joint venture.

LG, a global firm focused on technology and consumer goods, and Magna, a mobility technology company, agreed to form LG Magna e-Powertrain joint venture. Financial terms were not disclosed. The transaction is expected to close in July of 2021, subject to a number of conditions including obtaining LG shareholder approval and all necessary regulatory approvals. "This partnership fully aligns with our strategy of being at the forefront of electrification and supporting automakers with a diverse and world-class portfolio. By combining our strengths, we expect to gain investment efficiency and speed to market with synergies to achieve more, all while continuing to capitalize on the acceleration of the electrified powertrain market,” Swamy Kotagiri, Magna President and incoming CEO.