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Geely-led Consortium In Talks to Buy Major Stake in German Air Cab Startup Volocopter: Wire
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GEELY AUTO (00175.HK)’s parent company Zhejiang Geely Holding Group is in advanced talks with German air cab startup Volocopter to take over the near-bankrupt Volocopter, Bloomberg reported, quoting people with the knowledge of the matter. Geely is reportedly considering leading a consortium to take a controlling stake in Volocopter, with the intention of injecting about US$95 million into the latter in exchange for about 85% of the shares. If the deal is completed, Volocopter's valuation will plummet from US$1.9 billion in 2022 to about US$110 million. The people with the knowledge of the matter said Geely is conducting due diligence and plans to wrap up the deal next month. However, Volocopter is also in discussions with other potential bidders. Volocopter responded that, as a private equity firm, it will strategically consider a variety of financing channels at the same time, but it will not disclose the names of investors or the amount of capital raised at this stage. If the deal with Geely is successful, Volocopter may reportedly consider transferring its future aircraft production to China. AAStocks Financial News |
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