By Mauro Orru

Volkswagen AG (VOW.XE) said Thursday that it would sell a 76% stake in Renk AG (ZAR.FF) to Triton International Ltd. (TRTN).

The German car maker said its board of management and supervisory board approved the sale corresponding to roughly 5.3 million shares in the manufacturer of special gear units and transmissions for tracked vehicles, which has been part of Volkswagen since 2011.

Volkswagen said a purchase price of 97.80 euros ($107.79) a share would be subject to adjustments in relation to its dividend, adding that it expects the transaction to close in early 2021.

The disposal is expected to generate approximately EUR150 million in a book value gain on an IFRS basis, with cash proceeds of roughly EUR530 million, Volkswagen said.

The German car maker said Triton and Renk had agreed a long-term location and employment guarantee for sites in Augsburg, Rheine and Hanover in Germany until Dec. 31, 2026.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

January 31, 2020 01:33 ET (06:33 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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