China Evergrande buys out Swedish new-energy car tech specialist

Reuters

Real estate giant China Evergrande Group is purchasing the remaining 17.6% that it doesn’t already own of a Swedish new-energy car technology specialist for $380 million, as its drive to diversify beyond its core business accelerates.

The deal values National Electric Vehicle Sweden AB (NEVS) at nearly $2.2 billion and was expected to close by Friday, according to a late Wednesday announcement to the Hong Kong Stock Exchange. After the closing, NEVS would become 100% owned by Evergrande Health Industry Group, the unit that has become Evergrande’s vehicle for its health and new energy vehicle businesses.

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