Stellantis will buy back shares worth about 923 million euros ($919.31 million) from General Motors.
Stellantis said in a statement on Tuesday that it would buy back about 69.1 million common shares, or about 2.2 percent of the company’s share capital.
GM was issued this stake in the form of warrants by PSA Group in 2017 as part of the U.S.-based automaker’s sale of its Opel-Vauxhall business.
General Motors will convert the warrants into equity shares for Stellantis to purchase on Thursday, according to the statement.
In 2021, PSA completed its own merger with Fiat Chrysler Automobiles to become Stellantis.
In addition to the price for shares, Stellantis will also pay GM in 1.2 million common shares of supplier Faurecia and about 130 million euros in cash for rights to dividends paid by PSA and Stellantis.
