Continental set to close multibillion-dollar sale of ContiTech segment

German tire maker Continental said it is close to a deal to sell its ContiTech business to private equity firm Lone Star Funds.

The company said its executive and supervisory boards have already supported a deal that values the business at €4 billion, plus potential performance-based components of up to €250 million in subsequent years.

However, it stated that a binding agreement has not yet been reached.

ContiTech manufactures products such as hoses and conveyor belts, as well as materials for vehicle interiors.

After the announcement, Continental shares closed up 1.55% in Frankfurt.

Brazil leads sales of electric vehicles in Latin America

Source: CNN