08:05 AM EDT, 07/10/2024 (MT Newswires) -- Standard Motor Products ( SMP ) said Wednesday that it has agreed to purchase

European aftermarket supplier AX V Nissens III APS for 360 million euros (about $388 million) in cash from Nordic private equity firm Axcel and the Nissen family.

The transaction, expected to be completed in H2, would be accretive to Standard Motor's earnings per share in the first full year, the company said.

Standard Motor plans to continue operating AX V Nissens as a standalone unit but expects the combination to expand Standard Motor's powertrain-neutral product categories, Chief Executive Eric Sills said.