China’s Evergrande unit buys 51% stake in Sweden’s NEVS for $930 mln

Chinese investment holding company Evergrande Health Industry Group Ltd., a unit of real estate company Evergrande Group, has revealed that its wholly-owned subsidiary, Solution King Investments Ltd., has agreed to buy sales shares of Hong Kong-based Kerryman Holdings Ltd. for a total consideration of $930 million.

The sales shares refer to 300 ordinary shares in the share capital of Mini Minor Ltd., which is also the entire share capital of the company.

Mini Minor's asset is its 51 percent shareholding in National Electric Vehicle Sweden AB (NEVS), an electric vehicle manufacturer. Completion of the deal took place after the signing of the sale and purchase agreement.

Of the total consideration of the transaction, the first instalment of $430 million was paid on 15 January 2019, and the rest of the amount will be paid on or before 31 January 2019.