India, April 16 -- Lotus Technology Inc. (LOT), Wednesday announced that Geely International (Hong Kong) Limited has exercised its put option to sell its 51 percent stake in Lotus Advance Technologies Sdn Bhd to the company.
Following this, the company expects to acquire the interest through a non-cash transaction based on a pre-agreed pricing method.
This transaction will enable the company to integrate all businesses under Lotus brand, which would strengthen brand equity as well as enhance operational flexibility and internal synergies.
The acquisition, set to close by 2025, comprises of manufacturing operations for Lotus' sportscars and hyper cars, and Lotus Engineering which offers consultancy services.
In the pre-market hours, Lotu...