Southfield-based Lear Corp. has completed its acquisition of Xevo Inc., a $320 million deal that combines the Seattle company’s car technology with Lear's expertise in electronic systems.
Xevo is a Tier 1 automotive software supplier that employs more than 300 people. Its technology is licensed in vehicle systems to several of the world's largest automotive manufacturers.
In connection with the closing, Lear issued 16,231 shares of restricted stock and 130,285 restricted stock units to 46 Xevo employees who joined Lear upon the closing. The awards generally will vest in two substantially equal installments on each of the 18-month and three-year anniversaries of the deal closing.
Xevo's technology is currently available in over 25 million vehicles located primarily in the U.S., with significant opportunity for expansion not only in North America, but also in Asia and Europe. Lear's products are designed, engineered, and manufactured by a team of approximately 169,000 employees located in 39 countries.