Volkswagen buys connected car unit from Volvo

FILE Picture: Volkswagen logos in the course of the media day of the Salao do Automovel Global Auto Exhibit in Sao Paulo, Brazil November 6, 2018. REUTERS/Paulo Whitaker/File Image

BERLIN (Reuters) – Volkswagen (VOWG_p.DE) claimed it would just take over Volvo’s (VOLVb.ST) WirelessCar, a Stockholm-dependent digital service developer, specializing in related driving.

The deal, which however has to be permitted by cartel authorities, would make VW a 75-% shareholder in WirelessCar, the firm said on Wednesday, without the need of disclosing economic details.

The transaction is predicted to shut for the duration of the to start with 50 percent of 2019, it added.

Reporting by Tassilo Hummel Modifying by Maria Sheahan

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