AEES manufactures wiring harnesses for heavy- and medium-duty trucks as well as for light vehicles.
According to PKC's CEO, Harri Suutari, AEES will complement PKC well in terms of geographical coverage and customer base.
Under the terms of the deal, PKC will pay EUR109m (USD155.2m) in cash for AEES and issue 1.25m shares to Platinum Equity, with the cash portion to be financed with debt, the buyer said in a press release.
The addition of AEES, with operations in the US, Mexico, Brazil and Ireland, will enhance PKCa[euro](tm)s footprint and expand its customer base in line with its strategy to grow through acquisitions.
Under the terms of the deal, Leoni had taken over the AEES plant's 375 employees and will continue supply of cable harnesses for batteries and chassis to two important truck makers.
AEES Power Systems sold the assets as part of the restructuring of its European business.