Mercedes-Benz on Thursday said it completed the acquisition of a 3 per cent stake, worth 1.34 billion yuan (US$191 million), in motorcycle maker-turned-autonomous driving systems developer Chongqing Qianli Technology, three months after the deal was first announced.
The transaction involved Mercedes-Benz Digital Technology, the German carmaker’s tech unit, and Shanghai-listed Lifan Holdings, which transferred 135.6 million shares of Qianli at 9.87 yuan per share.
Before the transaction, Lifan Holdings – once China’s top motorcycle maker – held more than 5 per cent of Qianli’s shares. After closing the deal, Mercedes-Benz became Qianli’s fifth largest stakeholder.
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According to the terms of the deal, the transfer of the shares “will not lead to changes in the controlling shareholders and actual controllers of the company, and will not affect the offer for acquisition”.
Mercedes-Benz said it was committed to not reducing its shareholding in Qianli for at least 12 months.
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The acquisition underscored efforts by Mercedes-Benz to deepen its ties and strategic collaborations in the world’s largest car market.