Faurecia and Parrot have finalized a proposal which will see the take-over of 100 per cent of Parrot Automotive by Faurecia, ahead of schedule.
The company says the transaction “underlines the importance of Parrot Automotive in Faurecia’s Cockpit of the Future strategy”.
This refers to the general trend of developing what are called “digital cockpits” or virtual dashboards” for new cars and vehicles.
Faurecia says the takeover will “accelerate the development” of infotainment solutions based on the Android operating system by Parrot Automotive and the development of an open platform integrating the different connected systems and functionalities of the vehicle interior.
This will facilitate the introduction of innovative and differentiating user experiences such as for postural and thermal comfort, immersive sound experience and new HMI solutions.
The transaction would be based on an enterprise value of €100 million, identical to that used when Faurecia entered into the capital of Parrot Automotive in 2017.
This project is subject to consultation of the Parrot Automotive and Parrot SA Works Councils and to the agreement of the antitrust authorities. It would be closed during the third quarter of 2018.