08:19 AM EST, 11/14/2024 (MT Newswires) -- Zeekr Intelligent Technology Holding ( ZK ) , an electric vehicle maker within China's Geely Holding Group, said Thursday that it has entered into deals with certain Geely entities to acquire a majority stake in Chinese-Swedish EV maker Lynk for 9 billion renminbi ($1.24 billion).

Zeekr said the deals will allow its Zhejiang Zeekr unit to acquire a 20% stake in Lynk from Geely Holding for 3.6 billion renminbi and a 30% stake in Lynk from Volvo Cars Investment for 5.4 billion renminbi.

Additionally, Zhejiang Zeekr unit has entered into a subscription agreement with Lynk and Ningbo Geely, agreeing to inject capital of 367.4 million renminbi, which will increase Lynk's registered capital, Zeekr said.

Following the injection, Zhejiang Zeekr will own 51% of Lynk, with Ningbo Geely holding 49%.