Fiat North America (FNA), a wholly-owned subsidiary of Italian car maker Fiat, has acquired remaining 41.4% stake in American automaker Chrysler.
Earlier this month, the Italian car maker Fiat announced that it will purchase the remaining 41.4% stake in Chrysler in an agreement with the US auto workers' pension fund VEBA Trust for $3.65bn.
The transaction for the acquisition includes a special distribution of $1.9bn paid by Chrysler and FNA paid $1.75bn to the VEBA Trust in cash.
Fiat and Chrysler have funded the transaction amount from available cash on hand.
Earlier, Chrysler has entered into a memorandum of understanding with International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAM).
Under this agreement, Chrysler will have to offer $700m to the VEBA Trust in four equal annual installments. The group has paid its first installment in connection with closing of the transaction with Fiat.
