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).