Apollo Future Mobility to Buy China EV Maker for $2 Billion
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A unit of Apollo Future Mobility Group Ltd. will buy Chinese electric vehicle maker WM Motor Holdings Ltd. for $2.02 billion, according to a statement to the Hong Kong stock exchange.
The acquisition, which includes issuance of shares at HK$0.55 each, is still subject to a “wide range of factors,” including regulatory approvals, Apollo said in the filing Thursday. It’s essential to raise financing to boost WM’s cash reserves to supplement cash flow and working capital needs, the company added.