Through the deal, the Abu Dhabi Government will own a 7% stake in Nio car auto cars
Chinese car manufacturer Nio will receive a capital injection of $738.5 million through an investment vehicle majority owned by the Abu Dhabi Government.
The deal will see CYVN Holdings purchase 84,695,543 newly issued Class A ordinary shares in Nio at a per-share purchase price of $8.72. The closing is expected to take place in early July and the Abu Dhabi Government has agreed not to sell, transfer or dispose of any shares acquired for six months.
Nio notes that CYVN Holdings has also entered into a share purchase agreement with an affiliate of Tencent to purchase an additional 40,137,614 Class A ordinary shares of theAfter the investment, CYVN Holdings will also be entitled to nominate one director to the company’s board of directors. The Abu Dhabi Government has also agreed to “jointly pursue opportunities in Nio’s international business.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chinese EV maker Nio raises more than $700 million in capital injection from Abu DhabiChinese electric car company Nio announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government.
Read more »
Abu Dhabi's ADNOC in almost $11 bln approach for Covestro -sourcesAbu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday.
Read more »
Abu Dhabi's ADNOC in almost $11 billion approach for CovestroAbu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday.
Read more »
How much is the Abu Dhabi royal family’s net worth?Superyachts, palaces and private jets — this royal family is richer than Jeff Bezos and lives a life so luxurious it’s almost incomprehensible.
Read more »
FedEx shares are falling, Nio's are rising and other stocks on the moveOne of Wednesday's biggest moving stocks ahead of the open was FedEx, which disappointed investors with its full-year profit forecast. Nio and Tesla were on...
Read more »
OceanGate adviser rips US government for ‘holding up’ rescue for missing Titanic subAn advisor for OceanGate Expeditions blamed the government for allegedly slowing down the rescue effort for the missing Titanic tourist submarine due to bureaucracy — but authorities claimed …
Read more »