Groupe PSA (PSA) and General Motors Co. (GM) announced an agreement under which PSA will acquire GM’s Opel and Vauxhall businesses in a transaction valuing at EUR 1.3 bn. Furthermore, PSA together with BNP Paribas will acquire GM Financial’s European operations valuing these activities at EUR 900m through a newly formed 50%/50% joint venture. Upon the closing of this transaction, PSA will become the second-largest automotive company in Europe, with a market share of 17%. Closing is currently expected to take place prior to the end of 2017.