Deals
Great Wall Weighs Selling Stake in $6 Billion Battery Unit Svolt, Sources Say
- Svolt’s Shanghai first-time shares sale may be delayed
- EV battery maker CATL among prospective stake buyers
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Great Wall Holdings is exploring options including selling its stake in Svolt Energy Technology Co. as the battery firm’s initial public offering in Shanghai may be delayed, according to people familiar with the matter.
The group, which is the biggest shareholder of Great Wall Motor Co., has held initial talks with prospective buyers of the Svolt stake including Contemporary Amperex Technology Co. Ltd., the world’s biggest maker of electric vehicle batteries, the people said. CATL has conducted preliminary due diligence on the asset, though there’s no certainty that the companies will proceed with any deal, the people said.