Shareholders “approved the measures of proposed financing” for the $2.3 billion, according to a statement from the French automaker. The deal also includes GM Europe’s auto finance arm, European plants and operations—save for GM’s Torino, Italy facility— and the Vauxhall brand, which is exclusive to the United Kingdom.
The sale does not affect GM’s future product plans and Opel will continue to supply the 2018 Buick Regal and Holden NG Commodore per agreements. Following the vehicle’s lifecycle, the successors will be designed and engineered under GM wholly, however. The sale also does not affect Cadillac’s diesel program—GM will supply the next generation of oil burners to Opel despite its new, French ownership.
The sale marks GM’s exit from the European market after Opel failed to turn a profit in 17 years. PSA Groupe expects Opel will rack up more losses during 2017.