NUREMBERG, Germany — Leoni AG, already Germany's biggest maker of automotive electrical connectors, has bought Valeo's vehicle wiring business, making it the biggest in Europe.
The deal, valued at about 255 million euros (about $365 million at current exchange rates) including pension obligations, gives Leoni a segment-leading 24 percent market share in Europe.
It replaces Delphi Corp. in the top spot.
Leoni CEO Klaus Probst called the purchase of Valeo Connective Systems "a dream deal" that gives the company access to Renault and PSA/Peugeot-Citroen.
The Valeo unit has 11,700 employees and had revenue last year of about $776.5 million.
Leoni, based here, has acquired 20 companies in seven years.