Based in the Chinese province of Sichuan, Tengzhong is a privately-owned company and a domestic manufacturer of road, construction and energy industry equipment. It will expand into the off-road vehicle segment through what will be a strategic acquisition for Tengzhong and a catalyst for Hummer's growth in the U.S. and around the world.
Hummer will continue to maintain its headquarters and operations in the U.S., and will continue to be managed by its existing leadership team. The team intends to expand Hummer's dealer network worldwide, particularly into new and underserved markets such as China.
The transaction is expected to close in the third quarter of this year and is subject to customary closing conditions and regulatory approvals. Financial terms of the agreement will not be disclosed at this time.
Credit Suisse is acting as exclusive financial advisor and Shearman & Stearling is acting as international legal counsel to Tengzhong on this transaction. Citi is acting as financial advisor to GM.Wild West Hummer artwork unveiled
16 October 2008