Aramco completes acquisition of 10% stake in Horse Powertrain Limited

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Following the signing of definitive agreements on June 28, 2024, Aramco has completed its acquisition of a 10% equity stake in Horse Powertrain Limited ("Horse Powertrain"), based on an enterprise value of €7.4 billionRenault Group and Geely (through Geely Holding and Geely Auto) each retain a 45% equity stake in Horse PowertrainThe investment solidifies a key strategic partnership between Horse Powertrain and Aramco, leveraging their collective expertise and resources to pursue advances in powertrain technologies, synthetic fuels, and lubricants The partnership builds on Aramco's research and development (R&D) efforts in lower-carbon mobility solutions, aims to contribute to transport emission reductions, and helps to pursue Horse Powertrain's vision of becoming a consolidated powertrain Tier 1 supplier to accelerate the energy transition View original content:https://www.prnewswire.co.uk/news-releases/aramco-completes-acquisition-of-10-stake-in-horse-powertrain-limited-302319619.html