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ZEEKR Splashes RMB9B to Buy 50% Stake in LYNK & CO; GEELY AUTO Retains 49% Stake Post-Deal
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GEELY AUTO (00175.HK) announced that Geely Holding (its parent company) and VCI, Zhejiang ZEEKR (an indirect wholly-owned subsidiary of ZEEKR (ZK.US)) and LYNK & CO had entered into the LYNK & CO Equity Transfer Agreement. According to the agreement, Geely Holding conditionally agreed to sell and Zhejiang ZEEKR conditionally agreed to purchase 20% of the equity interests in LYNK & CO held by Geely Holding for a consideration of RMB3.6 billion, while VCI conditionally agreed to sell and Zhejiang ZEEKR conditionally agreed to purchase 30% of the equity interests in LYNK & CO held by VCI for a consideration of RMB5.4 billion. Furthermore, the company also announced that LYNK & CO, Zhejiang ZEEKR and Ningbo Geely had entered into the LYNK & CO Capital Injection Agreement, pursuant to which LYNK & CO conditionally agreed to issue and sell and Zhejiang ZEEKR conditionally agreed to subscribe and purchase from LYNK & CO the LYNK & CO Increased Registered Capital for a consideration of RMB367 million. Immediately after completion of the LYNK & CO Acquisition and the LYNK & CO Capital Injection, LYNK & CO will be owned as to 49% by Ningbo Geely, an indirect wholly-owned subsidiary of GEELY AUTO, and 51% by Zhejiang ZEEKR. LYNK & CO will become an indirect non wholly-owned subsidiary of ZEEKR and an indirect non wholly-owned subsidiary of GEELY AUTO, and the financial results of LYNK & CO will be consolidated into the consolidated financial statements of ZEEKR and GEELY AUTO, respectively. AAStocks Financial News |
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