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Thndr Claps » EGY Claps » Mergers & Acquisitions 🤝 » GB Auto sells a 7.5% stake in its subsidiary 🤝

GB Auto sells a 7.5% stake in its subsidiary 🤝

by Omar El Shorafa
October 27, 2022

The Clap
GB Auto (AUTO) announced the sale of a 7.5% stake in its subsidiary, MNT Investment, to Chimera Investments.

The Deets
The company is selling its stake for $60 million, but that number could increase to $71.3 million if certain conditions are met.

GB Auto’s stake in MNT is down to 49.5% after the deal.

So What
This is not the first acquisition for Chimera Investments, with the company acquiring Beltone Financial recently.

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