An investment banker close to Geely ’s acquisition of Volvo said that about 700-800 million US dollars of Geely ’s acquisition of Volvo came from a financing platform under the SASAC of Daqing City, Heilongjiang Province. The report said that an insider of Geely confirmed that the provincial government will participate in Geely's acquisition of Volvo. Earlier, there were media reports that Geely acquired Volvo ’s $ 1.6 billion in cash, with a small majority of it from Geely, and the rest from a provincial government financing platform. Geely officially signed an agreement with Ford Motor to acquire a 100% stake in Volvo on March 28. Geely chairman Li Shufu revealed that the acquisition of Volvo cost 1.8 billion U.S. dollars, and the follow-up operating funds cost a total of about 2.7 billion U.S. dollars, half of which came from overseas funds, and the other half came from domestic sources. Geely accounts for 51% of domestic funds, which can be estimated that Geely invested about 700 million US dollars. Currently, Geely has set up two investment companies in Yizhuang, Beijing, with Geely President Yang Jian and Volvo China Project Leader Tong Zhiyuan as legal representatives. The registered capital of the two companies has now reached 11.2 billion yuan. According to reports, Geely registered an investment company in Yizhuang, Beijing, intending to secure support from a financing platform under the Beijing government and building a new Volvo production base in Beijing. The above information source "Venture Investment" is authorized by the China Venture Capital Research Institute (CVCRI) to publish it. All rights reserved. Please indicate the source when reprinting. For more information, please click download to view all articles. Purchasing network download
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Geely purchases some Volvo funds from Daqing SASAC financing platform (VC 256)