Aramco to buy 10% stake in Renault, Geely thermal engines JV

(Reuters) -Saudi Aramco will take a 10% stake in Horse Powertrain, the thermal engines joint venture between Renault and Geely, the Chinese automaker said on Friday.

Reuters earlier in the day reported that Aramco was close to buying a 10% stake in Horse Powertrain.

The transaction values the joint venture, which supplies gasoline engines, hybrid systems and gearboxes for thermal vehicles, at 7.40 billion euros ($7.93 billion).

Geely and the French automotive conglomerate will own around 45% each of the powertrain joint venture.

The agreement to take a 10% stake in Horse Powertrain, first reported by Bloomberg, is lower than the approximately 20% stake cited by sources at the beginning of discussions.

Aramco and Renault did not immediately respond to a Reuters request for comments.

($1 = 0.9334 euros)

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Tasim Zahid)

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