Seeking Alpha

Lear to acquire Eagle Ottawa in deal valued at $850M

  • Lear (NYSE:LEA) agrees to acquire Eagle Ottawa, the world's largest supplier of automotive leather, in a deal valued at $850M on a cash and debt-free basis.
  • Lear expects the transaction to be ~5% accretive to annual EPS upon closing.
  • Lear also says it intends to continue to return cash to shareholders; at the end of Q2, it had ~$600M in remaining share repurchase authorization.
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