Geely Automobile Holdings has proposed a $2.2 billion buyout to take electric vehicle maker Zeekr private, just one year after the Chinese EV brand went public in the United States.
Geely, which currently owns approximately 65.7% of Zeekr, submitted a non-binding proposal to acquire all outstanding shares and American depositary shares (ADSs) of Zeekr it does not already hold, at a price of $2.57 per share or $25.66 per ADS, according to a filing with the Hong Kong stock exchange on Wednesday.
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The offer follows Zeekr’s initial public offering in May 2024 on the New York Stock Exchange under the ticker “ZK.” The move to take the company private would allow Geely to fully consolidate its EV operations and “define Zeekr’s future strategic direction to address global market and economic challenges,” the filing said.
Geely said the proposal aims to “drive resource consolidation, avoid duplication, reduce costs, and build long-term value,” indicating that full ownership would enable greater operational efficiency and competitiveness in the global passenger EV market.
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Zeekr, which recently showcased its EV lineup at the Shanghai Auto Show and has been expanding its presence in global markets excluding the US, also acquired a 21% stake in Lynk & Co and Geely’s 30% stake in Volvo Cars in a corporate restructuring in November 2024. These moves increased Geely’s majority stake in Zeekr.
The transaction, if approved, would result in Zeekr delisting from the NYSE, effectively ending its short-lived tenure as a US-listed company.
