M&A Deal Summary

Aramco, Geely Automobile Holdings and Renault Acquire Horse Powertrain

On August 23, 2023, Aramco, Geely Automobile Holdings and Renault acquired automotive company Horse Powertrain

Acquisition Highlights
  • This is Aramco’s 1st, Geely Automobile Holdings’ 1st and Renault’s 4th transaction in the Automotive sector.
  • This is Aramco’s 1st, Geely Automobile Holdings’ 1st and Renault’s 3rd transaction in the United Kingdom.

M&A Deal Summary

Date 2023-08-23
Target Horse Powertrain
Sector Automotive
Buyer(s) Aramco
Geely Automobile Holdings
Renault
Deal Type Joint Venture

Target

Horse Powertrain

London, United Kingdom
Horse Powertrain offers hybrid and combustion powertrain solutions. It consists of two divisions, Aurobay and HORSE. Horse Powertrain is based in London, United Kingdom.

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Buyer(S) 3

Buyer

Aramco

Dhahran, Saudi Arabia

Category Company
Founded 1933
Sector Oil/Gas Exploration
Employees54,041
Revenue 400.0B USD (2012)
DESCRIPTION
Aramco office in downtown Houston, Texas.
Aramco office in downtown Houston, Texas.

Aramco operates as an integrated energy and chemical company in Saudi Arabia and internationally. Aramco was founded in 1933 and is headquartered in Dhahran, Saudi Arabia.


DEAL STATS #
Overall 5 of 8
Sector (Automotive) 1 of 1
Type (Joint Venture) 3 of 3
Country (United Kingdom) 1 of 1
Year (2023) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-27 Rongsheng

Hangzhou City, China

Rongsheng is principally engaged in the research, development, manufacturing, and distribution of refining products, petrochemicals, and chemical fibers. The company has an annual production capability of 2 million tons of aromatic hydrocarbon, over 13 million tons of pure terephthalic acid (PTA), 2 million tons of PET, 1 million tons of POY and FDY, 0.45 million tons of DTY. Rongsheng was founded in 1995 and is based in Hangzhou, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-28 MidOcean Energy

Washington, District of Columbia, United States

MidOcean Energy is a liquefied natural gas (LNG) company builds a diversified, resilient, cost and carbon competitive LNG portfolio. MidOcean Energy is based in Washington, District of Columbia.

Buy -
Buyer

Geely Automobile Holdings

Wan Chai, China

Category Company
Sector Automotive
Employees60,000
Revenue 179.2B CNY (2023)
DESCRIPTION

Geely Automobile Holdings is a manufacturer of passenger vehicles across the world. It was into two main business automobiles and related parts and components, and gearboxes. The company is based in Wan Chai, China.


DEAL STATS #
Overall 1 of 1
Sector (Automotive) 1 of 1
Type (Joint Venture) 1 of 1
Country (United Kingdom) 1 of 1
Year (2023) 1 of 1
Buyer

Renault

Boulogne-Billancourt, France

Category Company
Founded 1898
Sector Automotive
Employees105,497
Revenue 52.4B EUR (2023)
DESCRIPTION
Renault dealership in Blumenau, Brazil.
Renault dealership in Blumenau, Brazil.

Renault is a French multinational manufacturer and distributor of autos. Renault was founded in 1898 and is based in Boulogne-Billancourt, France.


DEAL STATS #
Overall 6 of 6
Sector (Automotive) 4 of 4
Type (Joint Venture) 1 of 1
Country (United Kingdom) 3 of 3
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-12 Karhoo

London, United Kingdom

Karhoo is a fully-integrated global, neutral, booking platform for regulated Taxis and PHV. Karhoo aggregates ground transport around the world, with regulated/licensed taxi and PHV fleets. Karhoo was formed in 2014 and is based in London.

Buy -