China's Geely Automobile Holdings Ltd. has entered into an agreement to acquire the remaining shares of electric car manufacturer Zeekr Intelligent Technology Holding Ltd. for $2.4 billion. This is reported in a press release from Zeekr.
The deal aims to consolidate Geely Automobile Holdings' assets, improve operational efficiency, accelerate technology adoption, and optimize its product portfolio in order to strengthen Geely's competitive position in the electric vehicle segment.
In May 2025, Geely, which owns more than 65% of Zeekr shares, was already attempting to buy out the remaining stake. Financing of the transaction involves the use of own or borrowed funds.
The agreement was signed after Geely's offer increased to $2.69 per Zeekr share or $26.87 per ADS (18.9% higher than the closing price on May 6, 2025) from $2.57 per share or $25.66 per ADS. At the same time, shareholders have the right to exchange a Zeekr share for 1.23 new Geely shares, and each ADS share for 12.3 Geely shares (3.4% lower than Zeekr).
The transaction is expected to be completed in the fourth quarter of 2025. Geely plans to withdraw Zeekr securities from the NYSE in order to make the company more attractive to Chinese investors registered abroad.
Geely Automobile Holdings is one of the largest Chinese automakers. The headquarters is located in Hangzhou (Zhejiang Province, China).
Zeekr is a division of Zhejiang Geely Holding Group for the production of premium class electric vehicles. Zeekr was spun off from Geely in March 2021. The headquarters is located in Zhejiang Province (China).
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