Volvo Cars sells 30 per cent stake in Lynk & Co to Zeekr
Volvo Cars today announces the divestment of its 30 per cent stake in Lynk & Co to Zeekr, a transaction representing a consideration of RMB 5.4 billion (approx. SEK 8 billion).
The consideration will be paid in cash, with 70 per cent of the amount paid at closing of the transaction and 30 per cent plus interest paid one year after closing. The transaction is expected to close during the first quarter of 2025.
Volvo Cars has been a minority shareholder of Lynk & Co since the company was set up in 2017. The divestment is in connection with a new phase of development for Lynk & Co going forward, which includes a new ownership structure for the company. Volvo Cars will continue to focus on operational collaborations with Lynk & Co in selected markets where there is a strategic benefit for both companies.
The transaction involves Volvo Cars (China) Investment Co., Ltd, an indirect subsidiary of Volvo Car AB, selling its share in Lynk & Co Automotive Technology Co., Ltd to Zhejiang Zeekr Intelligent Technology Co., Ltd, an indirect subsidiary of Zeekr Intelligent Technology Holding Limited.
The transaction is subject to approval by an Extraordinary General Meeting of Volvo Cars’ Shareholders expected to be held in the first quarter of 2025, as well as other regulatory approvals.
Note to editors:
- To read the related press release by Geely Holding, please visit: https://zgh.com/media-center/news/2024-11-14/?lang=en
This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 14-11-2024 09:04 CET.
