Geely is planning to take its electric vehicle unit Zeekr private, only a year after its New York listing as the Chinese auto conglomerate blamed pressures from an “increasingly complex economic environment”.
The delisting comes as the group closes out a decades-long expansion period and focuses on internal consolidation of its brands amid rising competition in its home market.
Geely Auto, a Hong Kong-listed unit of privately held Geely Holding, plans to acquire all issued shares of Zeekr at $25.66 a share, 14 per cent higher than the stock’s closing price on Tuesday, the company said in an exchange filing on Tuesday. The bid will value Zeekr at about $6.4bn. The company’s shares opened 10 per cent higher on Wednesday in New York.
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