(Reuters) – China’s Geely Automobile Holdings on Tuesday agreed to acquire around 34% of Renault Korea Motors, a unit of French carmaker Renault Group, for 264 billion won ($207.16 million), to expand into the country’s electric vehicles market.
Renault Korea Motors will issue 45.4 million shares for 5,818 won per share to Geely’s unit Centurion Industries Limited.
($1 = 1,274.3600 won)
(Reporting by Savyata Mishra in Bengaluru; editing by Uttaresh.V)
