Cleary Gottlieb is representing General Motors Co. in the sale, announced today, of its Opel/Vauxhall subsidiary and GM Financial’s European operations to PSA Group, in a transaction valuing these activities at €1.3 billion and €0.9 billion, respectively.
With the addition of Opel/Vauxhall, which generated revenue of €17.7 billion in 2016, PSA will become the second-largest automotive company in Europe.
The transaction is subject to various closing conditions, including regulatory approvals and reorganizations, and is expected to close before the end of 2017.