Lotus Technology (LOT) said Wednesday that it will acquire a 51% stake in Lotus Advance Technologies, which controls the manufacturing operations for Lotus sportscars, from Geely International (Hong Kong).
The company said it is acquiring the controlling stake after Geely exercised a put option based on an agreement dated Jan. 31, 2023.
Lotus said it expects to acquire the 51% stake through a non-cash transaction based on a pre-agreed pricing method. On completion, Lotus said it will consolidate the financial results of the unit.
Lotus said the transaction, which is expected to be completed in 2025, will enable it to integrate all the businesses under Lotus brand.
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