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Volvo Group Divests Majority Stake in WirelessCar

Dec 19, 2018 - PR Newswire

PR Newswire

The Volvo Group today signed an agreement to divest 75.1% of the shares in its wholly-owned subsidiary WirelessCar to the Volkswagen Group. The sales price amounts to SEK 1.1 billion. The divestment will, at the time of closing of the transaction, result in a positive impact on operating income of approximately SEK 1.5 billion and a positive cash flow effect of SEK 1.1 billion. Closing of the transaction is expected during the first half of 2019.

WirelessCar provides conn...