Lear Corporation (NYSE:LEA) entered into a definitive agreement to acquire I.G.Bauerhin GmbH for €140 million on May 20, 2022. Lear will acquire IGB for €140 million, on a cash- and debt-free basis. IGB generated approximately €205 million in revenue in 2021.

The transaction is subject to regulatory approvals and other customary closing conditions. Transaction is expected to close in 2023. As of August 2, 2022, the transaction is expected to close by the first quarter of 2023.

As of April 25, 2023, the European Commission approved the acquisition. Marco Wilhelm and Volker Junge of Mayer Brown LLP, Germany acted as legal advisors for Lear Corporation. Jens Peter Schmidt and Fabian Badtke of Noerr Partnerschaftsgesellschaft mbB acted as legal advisor to Lear Corporation.