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General Motors Announces $2.33 Billion Sale of European Arm to Peugeot’s Owner

March 6, 2017

Via: Fortune

General Motors (GM, +1.24%) announced Monday it will be selling its European division to French carmaker PSA Group (PEUGEOT.S-A) for $2.33 billion ( € 2.2 billion), reports the BBC.

The deal, first reported Friday, will see GM’s European brands Opel and Vauxhall join Peugeot and Citroen under the ownership of the Paris-based PSA, making it Europe’s second-largest automaker by market share.

According to a statement from PSA, the acquisition covers both Opel and Vauxhall, valued at $1.38 billion (€1.3 billion), as well as GM Financial’s European operations, valued at $950 million (€900 million).

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