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Renault to sell 34% of Korea unit to China’s Geely for $207 million By Reuters

© Reuters. FILE PHOTO: A woman wearing high heel gets out of Geely Automobile Holdings’ Borui sedan during the Auto China 201 show in Beijing, China April 26, 2016. REUTERS/Kim Kyung-Hoon

(Reuters) -Renault will sell just over a third of its Korea unit to China’s Geely Automobile Holdings (OTC:) for 264 billion won ($207 million) as the French automaker looks to shore up sales in its home market and focuses on its electric business.

The deal also comes months after Geely and Renault (EPA:) announced a partnership to develop a lineup of hybrid vehicles for the South Korean market and abroad, produced at Renault’s factory in Busan.

Renault Korea Motors will issue 45.4 million shares at 5,818 won per share to Geely’s unit Centurion Industries Limited, the two companies said in a statement on Tuesday.

($1 = 1,274.3600 won)

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