Kia Motors to get $2.5B for the sale of U.S. operations
Kia Motor Finance will buy a majority stake in U. S. automaker GM to raise $2,5 billion in cash, the automaker said Thursday.
Kia Motor, which makes compact SUV models in Japan, will pay $2 billion for the company, which was formed in 2008.
The deal is subject to regulatory approval, the company said in a statement.
Kosovo’s Kavli Group and General Motors were the other two companies announced in Thursday’s deal.
The new shareholders are expected to be listed in the next few weeks.GM, which owns about 40% of the company after it bought GM in 2009 for $3.9 billion, said Thursday that it would sell its U.K. operations to the private equity group after it completes its divestiture from the automakers.
The company said that the new owners will be able to pursue “a range of strategic opportunities in the United Kingdom and the world.”