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China's Aerospace Hi-tech to acquire stakes in European electronics suppliers

Xinhua, January 19, 2016 Adjust font size:

China's Aerospace Hi-tech Holding Group Co. Ltd announced on Tuesday it plans to acquire stakes in three firms for a combined 1.75 billion yuan (267 million U.S. dollars) to obtain a controlling share of two European electronics suppliers.

The Chinese aerospace products manufacturer will acquire the stakes of Hiwinglux and Navilight, which hold significant shares of All Circuits (AC), as well as a 97-percent stake in IEE, through cash and by issuing stocks, it said.

IEE and AC are both leading European electronics suppliers. IEE specializes in auto safety sensing technology and AC leads in passenger identity recognition.

Aerospace Hi-tech, affiliated with the state-owned China Aerospace Science and Industry Corporation, is a listed company on the Shenzhen Stock Exchange. Endi