Germany’s Leoni has agreed to be acquired by LUXSHARE—a huge Chinese electronic connector manufacturer whose customer base includes Apple—in two separate transactions totaling a reported $583 million.

A press release said that LUXSHARE will acquire a 50.1% stake in the Leoni AG and its Wiring Systems Division (WSD) that is owned by Austrian entrepreneur Stefan Pierer. The division has six locations in Germany with a total of around 1,450 employees, including Kitzingen, Neu-Ulm, Munich, Rastatt, Wolfsburg and Neuburg an der Donau. Kitzingen is the largest location with around 1,000 employees. WSD supplies innovative wiring solutions and associated vehicle components. The company notes that it is a market leader in Europe and No. 4 worldwide.

The release said that Leoni’s strong connections with the European and American automotive industries, combined with LUXSHARE’s presence in China, will create a robust global platform, enabling both companies to maximize their market potential. “Having LUXSHARE as a strong strategic partner will significantly enhance LEONI’s competitiveness across all fronts, from portfolio expansion and market access to technological capabilities and production,” said Leoni AG CEO Klaus Rinnerberger.

The second transaction will see TIME Interconnect Singapore—a joint venture between LUXSHARE subsidiaries LUXSHARE-ICT and TIME Interconnect Technology— acquire 100% of Leoni’s Automotive Cable Solutions (ACS) division, which has 10 locations in seven countries, with some 3,300 employees. Following the carve-out, the release said that ACS will continue to position itself as a leading independent manufacturer of automotive cables.

Pierer said that the new partnership will help Leoni’s financial stabilization, reinforcing the progress achieved over the past year. LUXSHARE Group Chairman and CEO Grace Wang said that the collaboration “marks a pivotal step in our journey towards becoming a global leader in the automotive sector.”