General Motors Co. and Sichuan Tengzhong Heavy Industrial Machinery Corp. finally signed the much-anticipated deal for GM to sell Hummer.
Tengzhong will get an 80 % stake in the company, while Hong Kong investor Suolang Duoji, who indirectly owns a big stake in Tengzhong through an investment company, will get 20 %. The investors will also get Hummer's nationwide dealer network.
Financial terms were not disclosed, although a person briefed on the deal said the sale price was around $150 million. The person did not want to be identified because the terms were being kept private. GM's bankruptcy filing last summer said that the brand with military roots could bring in $500 million or more.
GM and Tengzhong said in a statement that the transaction still must be approved by the U.S. and Chinese governments. Chinese regulators initially expressed reservations about Tengzhong's ability to run such an enterprise.
Hummer's current management team will stay with the new company, which will be headquartered either in Detroit or suburban Auburn Hills, Mich.
The Associated Press contributed to the report.
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