HELSINKI -- Motherson Sumi Systems and PKC Group have entered an agreement to merge their respective wiring harness businesses. 

MSS is offering EUR 23.55 in cash per share for PKC, a premium of 51.1% over its closing price as of Jan. 19, the day the offer was tendered. The offer is subject to regulatory approvals including anti-trust.

The PKC board of directors unanimously backs accepting the offer.

PKC has 24.1 million shares, plus 457,300 options. Based on 24.4 million shares, the offer MSS would pay 574.6 million euros ($614 million) for PKC.