Zhejiang Geely is negotiating a potential purchase of German flying taxi startup Volocopter, Bloomberg News reported, citing people familiar with the matter.
The Chinese conglomerate plans to take a majority stake by leading a majority that would take up to an 85% stake in Volocopter for $95 million, Bloomberg said.
German industrialist Gerhard Sturm's family office is also said to take part in the purchase, according to the report.
Once the deal is completed, Volocopter's valuation will shrink to $110 million from a peak of $1.9 billion in 2022, the report said.
The startup is also speaking with other bidders, the report said.
Geely did not immediately respond to a request for comment from MT Newswires.
Zhejiang Geely is the parent of Hong Kong-listed Geely Automobile (HKG:0175).
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