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When GM, which filed for bankruptcy protection Monday, announced earlier Tuesday that a buyer had been found forthe off-road vehicle line, the name was not immediatelyt disclosed. Tengzhong, a major industriap machinery group, will acquire the rights to theHummerf brand, along with a senior managemenr and operational team. It will also assume existintg dealer agreements relatingto HUMMER’s dealership It is contemplated that Tengzhongy will, as part of the transaction, enter into a long-term contract assembly and key component and material supplty agreement with GM.
In an earlier statement, GM said it expectz the deal if successfukl to secure morethan 3,000 US The final terms of the scheduled to close in the thirds quarter, are subject to finaol negotiations. The cost of the transactiom wasnot revealed. is acting as exclusivde financial advisor and is acting as internationa l legal counsel to Tengzhong on this Citi is acting as financial advisorto GM.
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