The Globe and Mail reports in its Tuesday, April 26, edition that Magna International has signed a deal to buy German company Telemotive AG. A Canadian Press dispatch to The Globe reports that financial terms of the agreement for the company, which has about 550 employees, were not immediately available Monday. Telemotive provides automotive electronics engineering services to the auto industry, and it has the world's major auto brands on its portfolio with clients, including BMW, Porsche, Audi, Daimler and Volkswagen. Magna says it will be integrated into Magna Steyr, its vehicle engineering and contract manufacturing business. The deal, which is subject to regulatory approval, is expected to close in the second quarter of this year. This transaction would be a valuable addition to Steyr's engineering service product portfolio in vehicle connectivity, infotainment and human-machine interface. Steyr president Karl-Friedrich Stracke says, "This acquisition strengthens our position to not only help customers meet today's challenges, but also those of the car of the future including the increased integration of electronic vehicle systems."