Engineering group Mira has been acquired by Japanese company Horiba bringing together 140 years of experience in the sector.
Mira specialises in advanced vehicle engineering, research and product testing while Kyoto-based Horibo works with automotive testing systems.
The deal sees Horiba expand its current portfolio, with a move into vehicle engineering and testing consultancy.
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The new company will be known as Horiba Mira and the tie-up allows Horiba to address the emerging areas of next generation mobility including electrified powertrain, intelligent vehicles and vehicle attributes technologies.
Nuneaton-based Mira is expected to use proceeds from the sale to invest in its current facilities and enhance its capabilities.
Atsushi Horiba, chairman, president and chief executive of Horiba, said: "Mira has developed a niche offer within the automotive sector and has an exceptional pool of engineering capabilities, solving complex challenges with customers across the 海角视频, China, Brazil and Korea.
"We are looking forward to building on this success and investing in Mira's long-term vision, working together to build on our collective research and development capabilities. Together, we aim to be shaping journeys for another 140 years."
George Gillespie, chief executive at Horiba Mira, added: "Our vision for Mira and Mira Technology Park is to grow significantly and, by working together with HORIBA, we have created an exciting plan that will allow us to accelerate that vision.
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"The planned investments into Mira will allow us to continue to realise our ambitions and has also helped identify a number of additional areas of opportunity and investment in both facilities and technical capabilities."
The PwC Midlands deals team acted as lead corporate finance advisor to Mira and KPMG Midlands deal advisory team transacted the deal and advised the single employer pension scheme Trustee throughout.
Legal advice was provided to Mira by Eversheds and to KPMG by Wragge Lawrence Graham & Co.