CHENNAI: Apollo Tyres Limited, one of India’s biggest tire manufacturers, has struck a deal with the Cooper Tire and Rubber Co., the second biggest American tire firm, to buy it for $2.5 billion. The acquisition will give the Indian tire maker an access into the U.S. market, the second largest in the world.

The Indian company will be paying $35 a share to Cooper Tire shareholders, which is listed in the New York Stock Exchange. It represents a premium of 43 percent to Tuesday’s closing price.

Speaking about the acquisition, Apollo Tyres chairman Onkar S. Kanwar described the deal as a game changer for the company.

By acquiring Cooper Tire, Apollo will look to enter markets such as Africa, Latin America and China, which is the biggest market for buses and trucks. The company will now own brands such as Cooper, Avon, Mickey Thompson, Roadmaster, Mastercraft, Starfire and Chengsan.