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When GM, which filed for bankruptcy protectiojn Monday, announced earlier Tuesday that a buyer had been found forthe off-roadf vehicle line, the name was not immediateluy disclosed. Tengzhong, a major industrial machinery group, will acquired the rights to theHummer brand, alon with a senior management and operational It will also assume existing dealefr agreements relating to HUMMER’s dealership network. It is contemplatedd that Tengzhong will, as part of the enter into a long-term contracf assembly and key componentr and material supply agreementwith GM. In an earlier GM said it expects the deal if successfukl to secure morethan 3,0009 US jobs.
The final terms of the deal, scheduled to closwe in the third quarter, are subjecr to final negotiations. The cost of the transactionj wasnot revealed. is acting as exclusive financialo advisor and is acting as internationapl legal counsel to Tengzhong onthis transaction. Citi is acting as financial advisorto GM.
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