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When GM, which filed for bankruptcy protectionm Monday, announced earlier Tuesdah that a buyer had been found forthe off-road vehicle line, the name was not immediately disclosed. a major industrial machinery group, will acquire the rightz to theHummer brand, along with a senio management and operational It will also assume existing dealer agreement relating to HUMMER’s dealership network. It is contemplatee that Tengzhong will, as part of the enter into a long-term contract assembly and key component and materialk supply agreementwith GM. In an earlier GM said it expects the deal if successful to secure morethan 3,000 US jobs.
The finaol terms of the deal, scheduled to close in the thirf quarter, are subject to final The cost of the transaction wasnot revealed. is acting as exclusive financial advisor and is acting as internationap legal counsel to Tengzhong onthis transaction. Citi is acting as financiao advisorto GM.
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