© volvo Business | December 19, 2018
Volvo Group divests majority stake in WirelessCar
The Volvo Group has signed an agreement to divest 75.1% of the shares in its wholly-owned subsidiary WirelessCar to the Volkswagen Group. The sales price amounts to SEK 1.1 billion, about USD 122 million.
WirelessCar provides connected vehicle services and solutions to global producers of passenger cars. The company has over 3 million active connected cars across the globe and revenues for 2018 are expected to reach approximately SEK 0.5 billion (USD 55 million) WirelessCar is based in Gothenburg, Sweden, with offices in USA and China. The divestment will, at the time of closing of the transaction, result in a positive impact on operating income of approximately SEK 1.5 billion (USD 166 million) and a positive cash flow effect of SEK 1.1 billion (USD 122 million). “We are committed to remaining the leader within the field of connectivity and connected services. This agreement will enable us to fully focus our resources and efforts on connected solutions for commercial vehicles,” says Jan Gurander, Deputy CEO of the Volvo Group. Closing of the transaction is expected during the first half of 2019.
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