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Business

Volkswagen buys connected car unit from Volvo

BERLIN: Volkswagen said it would take over Volvo's WirelessCar, a Stockholm-based digital service developer, specialisin

Dec 19 2018

BERLIN: Volkswagen said it would take over Volvo's WirelessCar, a Stockholm-based digital service developer, specialising in connected driving.

The deal, which still has to be approved by cartel authorities, would make VW a 75-percent shareholder in WirelessCar, the company said on Wednesday, without disclosing financial details.

The transaction is expected to close during the first half of 2019, it added.

Copyright Reuters, 2018