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.
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)