...Zhejiang Geely Holding Ltd acquisition of Swedish Volvo Cars is expected to be closed in the third quarter after the European Commission's recent approval of the takeover earlier last week.
Geely said in a statement that "We feel very relieved at the approval by the EC, adding that the whole transaction will be completed by the end of this September.?
Geely will spend USD 2.7 billion on the deal which includes the original takeover of USD 1.8 billion plus USD 900 million, working capital to improve the brand worldwide. Pursuant to the deal, Geely will gain a 100% stake in Volvo shares and its related assets including its intellectual property rights.
Geely comes to be one of China largest private car makers since it launched its auto manufacturing business in 1997.
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