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Evergrande unit buys 51% stake in Swedish electric car company for US$930M

China Evergrande Group's Evergrande Health Industry Group Ltd. subsidiary, through Solution King Investments Ltd., purchased a 51% stake in global electric vehicle company National Electric Vehicle Sweden AB for total consideration of US$930.0 million.

The completed transaction between Solution King and seller Kerryman Holdings Ltd. involved the transfer of the latter's entire share capital in Mini Minor Ltd., which owns the acquired shareholding in the Sweden-headquartered electric car maker.

Evergrande Health borrowed US$1.10 billion from its ultimate controlling shareholder to finance the total investment amount related to the stake buy. The three-year unsecured loan is subject to 8% annual interest, according to a filing.

The Hong Kong-listed subsidiary of the Chinese developer paid US$430.0 million on Jan. 15 for the acquisition, with the remaining amount slated to be settled on or before Jan. 31. Following the transaction, Mini Minor became a wholly owned subsidiary of Evergrande Health.