AFORASA, owner of GSB group, and Corporación Industrial Egaña, have reached an agreement to merge the companies into a new company called CIE Automotive

Aceros y Forjas de Azkoitia (AFORASA), owner of Grupo GSB, and Corporación Industrial Egaña have agreed to merge their automotive component businesses to create the fourth industry player in Spain.

Oquendo Corporate has acted as the exclusive financial advisor of AFORASA, developing along with the management team and the owners, all the activities targeted to determine the exchange ratio for the merger.

Oquendo Corporate has acted as advisor of AFORASA.