Geely to Buy Remaining Zeekr Stake for $2.4 Billion and Go Private

Geely Automobile Holdings said it will buy the 37.2% of Zeekr Group it does not already own for about $2.4 billion, giving the Chinese carmaker full control of its premium electric-vehicle subsidiary. Under the agreement, Zeekr investors can elect to receive either $2.687 in cash for each ordinary share or swap into 1.23 newly issued Geely shares. Holders of Zeekr American depositary shares—each equal to 10 ordinary shares—will receive $26.87 in cash or 12.3 Geely shares. The revised terms lift the offer from the $25.66-per-ADS proposal made in May. The purchase price values Zeekr at roughly $6.8 billion. Zeekr’s board has approved the transaction, which is slated to close in the fourth quarter of 2025, after which the company will delist from the New York Stock Exchange and operate as a wholly owned Geely unit. Chairman Li Shufu is using the deal to simplify Geely’s structure amid intensifying competition in China’s EV market. The move also comes slightly more than a year after Zeekr’s U.S. listing.