RIYADH, June 29 (Xinhua) -- Saudi Arabian Oil Company, commonly known as Saudi Aramco, has signed definitive agreements to acquire a 10 percent equity interest in HORSE Powertrain Limited, a global powertrain solutions company formed by Renault Group and Chinese automaker Geely Auto Group, the Saudi Press Agency (SPA) reported on Saturday.
According to a statement by Aramco, after the acquisition, Renault and Geely will each retain a 45-percent equity stake, and the price to be paid by Aramco at closing, which is subject to customary closing conditions including the receipt of regulatory approvals, will be based on an enterprise valuation of 7.4 billion euros (7.93 billion U.S. dollars).
