Lear Corp. has closed on a $320 million deal to acquire Seattle-based auto software supplier Xevo Inc.
The deal was announced earlier this month, and finalization was confirmed Wednesday in a news release.
Xevo brings the Southfield, Mich.-based auto seating and electronics supplier the kind of technology that connect drivers with cars and mobile apps through the cloud. Xevo's products include touchscreens that help drivers find gas stations, markets, hotels and shopping centers, as well as an app that connects the car with mobile phones.
Lear is using debt financing to pay for the acquisition. It issued 16,231 shares of restricted stock and 130,285 restricted stock units to 46 Xevo employees who joined Lear as part of the deal, according to the release.
The company's stock value was down less than 1 percent or 72 cents to $156.75 per share as of Thursday mid-morning.
In 2018, Lear reported $1.15 billion in net income on $21.1 billion in sales, compared with $1.3 billion in net income on $20.5 billion in sales the year prior. For the fourth quarter of 2018, it had net income of $212 million, down from $401 million year-over-year.
Lear is expected to announce 2019 first-quarter earnings April 26.