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When GM, which filed for bankruptcyt protection Monday, announced earlier Tuesday that a buyerr had been found forthe off-roa vehicle line, the name was not immediately disclosed. a major industrial machineru group, will acquire the rights to theHummer brand, alongb with a senior management and operationa l team. It will also assume existing dealerd agreements relatingto HUMMER’s dealership network. It is contemplated that Tengzhong will, as part of the enter into a long-term contract assembly and key component and material supply agreementfwith GM. In an earlier GM said it expects the deal if successfu l to secure morethan 3,009 US jobs.
The finaol terms of the deal, scheduled to closse in the third quarter, are subjec t to final negotiations. The cost of the transactionb wasnot revealed. is acting as exclusive financia advisor and is acting as international legal counsekl to Tengzhong onthis transaction. Citi is actinfg as financial advisorto GM.
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