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Saudi Aramco, through a wholly owned subsidiary, signed definitive agreements to acquire a 10% equity interest in HORSE Powertrain Ltd, the new global powertrain solutions company, alongside Renault Group, Zhejiang Geely Holding Group and Geely Automobile Holdings Ltd.
In a statement, the oil giant said it will buy a 10% equity in HORSE Powertrain, while Renault and Geely will equally retain 45% each.
The price to be paid by Aramco at closing, which is subject to customary closing conditions including the receipt of regulatory approvals, will be based on a €7.4 billion enterprise valuation.
The agreements include collaboration arrangements for Aramco and Valvoline on technologies, fuels, and lubricants to collectively improve the performance of HORSE Powertrain internal combustion engines (ICE).
HORSE Powertrain is expected to manufacture five million powertrain units per year, encompassing a complete portfolio of advanced powertrain technologies for partners around the world.
HORSE Powertrain was formed on May 31, 2024, by Renault and Geely and is incorporated and headquartered in London.
