Samsung SDI, which makes rechargeable batteries for German automaker BMW's i3 electric cars, said it will acquire the entire battery pack business from Magna Steyr, an Austria-based operating unit of Magna International. It didn't disclose the value of the deal.
The South Korean firm said the deal will allow it to combine its capability in battery cells and modules with Magna's expertise in battery packs, helping secure customers in Europe, North America and China.