# LG Electronics and Magna to establish LG Magna e-Powertrain joint venture

LG Electronics will spin off its EV powertrain operations into a new joint venture, LG Magna e-Powertrain Company, on 1 July 2021. Magna International will acquire a 49% stake for $453 million. The venture will be based in South Korea with subsidiaries in Nanjing, China and Michigan, USA.

- Type: Acquisition
- Announced: 2021-06-21
- Where: Incheon, South Korea
- Value: $453.0M
- Jobs: 1,000
- Status: announced
- Products: electric vehicle powertrains
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [LG Electronics](https://endata.com/companies/11457.md)
- [Magna International](https://endata.com/companies/2534.md) (acquirer)
- [Magna International](https://endata.com/companies/2534.md) (partner)
- [LG Electronics](https://endata.com/companies/11457.md) (partner)
- [LG Magna e-Powertrain](https://endata.com/companies/56721.md) (target)

## Sources

- [just-auto.com](https://www.just-auto.com/news/lg-magna-e-powertrain-company-to-be-established-on-1-july/), 2021-06-21: "LG is scheduled to spin off its EV powertrain operations into the new company on 1 July with Magna set to acquire a 49% stake for US$453m on the same day."
- [thelec.net](https://www.thelec.net/news/articleView.html?idxno=3139), 2021-07-27: "The plan is going through however and the joint venture will be formed this week at the earliest."
- [businesskorea.co.kr](https://www.businesskorea.co.kr/news/articleView.html?idxno=72922), 2021-07-29: "Magna International invested about US$453 million to acquire the shares."
- [economx.hu](https://www.economx.hu/kulfold/2021/08/05/lg-magna-vegyesvallalat-inverter-elektronika-734149/), 2021-08-05: "A felek egy vegyesvállalatot hoznak létre LG Magna e-Powertrain néven a villanymotorok, inverterek és elektromos meghajtási rendszerek piacán lesz jelen."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.