WASHINGTON (dpa-AFX) - Volkswagen AG (VOW.BE, VLKAF.PK, VKW.L, VOW.DE), a German automotive conglomerate, said that it has inked a deal with Bain Capital, LP to sell its 51% of shares in Everllence SE for around EUR 7.4 billion.
Volkswagen Group, said: 'The envisaged transaction is to significantly strengthen Volkswagen Group's financial position as its transformation moves forward-at the same time, the company is streamlining its investment portfolio. The envisaged transaction in the form of a leveraged buy-out generates proceeds of approx. 7.4 billion euros for Volkswagen.'
The company will decide on the use of the proceeds at a later date.
In the medium term, with a 49% stake, Volkswagen intends to remain a major shareholder in Everllence, a German maker of large diesel engines and turbomachinery.
As part of the deal, safeguards for the company's German sites have been agreed. The plants in Augsburg, Oberhausen, Berlin, Hamburg, and Ravensburg will be retained under the new ownership structure at least until the end of 2030.
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