Magna International Inc. (TSX:MG) signed an agreement to acquire a 65% stake in Chongqing HongliZhixin Automobile Parts Manufacturing Co., Ltd. on September 3, 2020. In a related transaction, Magna International Inc. will acquire a majority stake in its existing seating joint venture with Chongqing HongliZhixin Automobile Parts Manufacturing Co., Ltd. The transaction is expected to complete in early 2021.

Magna International Inc. (TSX:MG) completed the acquisition of a 65% stake in Chongqing HongliZhixin Automobile Parts Manufacturing Co., Ltd. on January 1, 2021. The acquisition included an additional 15% equity interest in two entities that were previously equity accounted for by the company.