Hongfa Technology Co., Ltd. (SHSE:600885) agreed to acquire Relay Business of HELLA GmbH & Co. KGaA (XTRA:HLE) for approximately 10 million on November 12, 2019. The Relay Business of HELLA achieved sales of 43 million in 2018.
As a result, approximately 280 employees will transfer to Hongfa. The transaction is expected to close by the end of the 2019. As of December 31, 2019, all conditions for the transaction have been met.