A subsidiary wholly owned by Aramco, the Saudi Arabian oil titan, has concluded final agreements to acquire a 10% interest in Horse Powertrain Ltd., a newly established global company specializing in powertrain solutions. This move aligns Aramco with Renault Group and Zhejiang Geely Holding Group, alongside Geely Automobile Holdings Limited, referred to collectively as ‘Geely.’
According to a statement received, Aramco will hold a 10% stake in Horse Powertrain Ltd., while Renault Group and Geely will each maintain an equal share of 45%.
The purchase price set by Aramco at closing, which is subject to customary closing conditions including regulatory approvals, is based on the full company valuation of 7.4 billion euros.
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The agreements also encompass collaborative efforts between Aramco and ‘Valvoline’ in the field of technology, fuels, and lubricants to enhance the performance of internal combustion engines (ICE) produced by Horse Powertrain Ltd.
It is anticipated that Horse Powertrain Ltd.’s annual production will reach 5 million powertrain units. This includes a full spectrum of advanced powertrain technologies for partners worldwide.
Horse Powertrain Ltd., which was established on May 31, 2024, by the Geely and Renault groups, is headquartered in London, United Kingdom.
