Motherson Sumi to buy Finnish truck wire maker PKC Group for $609 million

India-based car parts maker and engineering group Motherson Sumi Systems Ltd has agreed to buy Finnish truck wire maker PKC Group for 571 million euros ($609 million), PKC said on Thursday.

Motherson has offered 23.55 euros per PKC share, representing a 51 per cent premium to PKC's closing price on Thursday.

"Combining the two companies will create a leading supplier of wiring systems and components for the worldwide transportation industry," PKC said in a statement.

The Finnish company said its board backs the offer.