WOLFSBURG (dpa-AFX) - Volvo Group (VOLVY.PK) announced Friday the completion of the previously announced divestment of 75.1 percent of the shares in its wholly-owned subsidiary WirelessCar to the Volkswagen Group (VKW.L, VLKAF.PK, VOW.BE) for 1.2 billion Swedish kronor.
The divestment resulted in a positive impact on operating income of about 1.5 billion kronor and a positive cash flow effect of 1.2 billion kronor which will affect the Volvo Group's operating income and cash flow in the first quarter of 2019.
WirelessCar provides connected vehicle services and solutions to passenger cars. It is based in Gothenburg, Sweden, with offices in USA and China.
Copyright RTT News/dpa-AFX