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When GM, which filed for bankruptcy protectiomn Monday, announced earlier Tuesday that a buyee had been found forthe off-road vehicle line, the name was not immediatelyg disclosed. Tengzhong, a major industrial machinery group, will acquirse the rights to the Hummer along with a seniore management and operational It will also assume existing dealer agreements relatintgto HUMMER’s dealership network. It is contemplated that Tengzhong as part ofthe transaction, enter into a long-term contract assembly and key componenrt and material supply agreement with GM. In an earlietr statement, GM said it expectsw the deal if successful to secure morethan 3,000 US jobs.
The finalk terms of the deal, scheduleed to close in the third quarter, are subjecrt to final negotiations. The cost of the transaction was not is acting as exclusive financial advisor and is acting as international legakl counsel to Tengzhong onthis transaction. Citi is acting as financiaol advisorto GM.
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