BMW AG (BMW.XE) will sell its 49% stake in two joint ventures in the U.S. and Germany to partner SGL Carbon (SGL.XE), the German chemical company said in a press statement.
Under the terms of the agreement, SGL Carbon will acquire BMW's 49% stake in the German-based SGL Automotive Carbon Fibers GmbH and in U.S.-based SGL Automotive Carbon Fibers LLC. The first transaction will total 24 million euros ($28.4 million) and is expected to be completed in January 2018. The second will amount to $62 million and is expected to close at the end of 2020 at the latest.
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SGL Carbon will become the sole owner in both ventures. The deal will have no impact on BMW's 18.3% stake in SGL Carbon, the company added.
The transaction is subject to the approval of the relevant authorities.
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(END) Dow Jones Newswires
November 24, 2017 08:44 ET (13:44 GMT)