DETROIT -- Delphi Corp. will sell its global steering and halfshaft businesses to Platinum Equity LLC, a Los Angeles investment firm. The transaction is valued at $447 million.
The private-equity firm will assume liabilities of $190 million. General Motors will provide $257 million in cash to Delphi when the sale closes, according to a sale agreement filed last week with the Securities and Exchange Commission. U.S. Bankruptcy Court must still approve the sale and, if other potential bids emerge, the court must conduct a competitive bidding process for the business.