Volkswagen will pay $267 million for Audi buyout

Volkswagen will pay a 48% premium to buy out the small shareholders of premium division Audi, the premium division said on Tuesday.

Volkswagen, which already holds 99.64% of Audi, declared the squeeze-out plans in February.

“Volkswagen AG announced and specified that it has set the cash settlement to be paid to the small shareholders in return for the transfer of their shares at 1,551.53 euros per AUDI AG share,” the automaker said.

This compares with a share price of 1,050 euros apiece on Tuesday and amounts to a purchase cost of 237 million euros ($267 million) for the 152,749 outstanding Audi shares, Refinitiv data noted.

The transfer will be passed at Audi’s upcoming annual general meeting, which the automaker said is expected to occur in July or August.