Earlier this month the company said it agreed to sell the business for about $1 billion, or some $100 million less than the equity group originally offered in July. The deal consists of $950 million cash and a seller's note worth about $74.5 million, compared to the original $1.1 billion all-cash offer.

Dana said it plans to use proceeds from the sale to make a $200 million contribution to the company's pension plans, and to reduce its outstanding debt. The company also said it will reinvest in its core businesses to improve cost structure and strengthen growth.

The sale of the aftermarket businesses was originally expected to close during the third quarter, but was pushed back as it sought regulatory approval.

Shares of Dana fell 15 cents to $16.10 on the New York Stock Exchange.

Source: Associated Press