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

|About: Lear Corporation (LEA)|By:, SA News Editor

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.