NIO inks battery-swapping deal with Geely, values energy unit at $2.4 billion
NIO•NIO said a Geely subsidiary will invest 640 million yuan in cash and contribute its battery-swapping business to acquire a stake in NIO Power. The deal values the unit at about 16 billion yuan ($2.38 billion).
1. Deal terms
NIO said it entered definitive agreements with subsidiaries of Zhejiang Geely Holding Group for a transaction involving their battery-swapping and charging businesses. Under the deal, a Geely subsidiary will invest 640 million yuan in cash and contribute its battery-swapping business to acquire a stake in NIO Power, NIO's battery-swapping and charging unit. The transaction values NIO Power at about 16 billion yuan ($2.38 billion) post-money.
