On Friday, the American automaker General Motors announced the signing of a definitive agreement with the Chinese Sichuan Tengzhong Heavy Industrial Machinery Co (Sichuan Tengzhong) on the sale of the Hummer brand to it.
Under the terms of the agreement, Tengzhong will acquire the Hummer brand, trademark and intellectual property rights. All existing contracts with Hummer dealers will remain in effect. The parties did not disclose the price of the deal, but Bloomberg estimates that it was about $150 million, despite the fact that during its bankruptcy proceedings, GM estimated the value of this brand at $500 million.
Recall that a preliminary agreement on the sale of Hummer was signed by GM and Tengzhong in June this year.
GM sells Hummer to Chinese for $150 million
