Chinese automaker FAW signs deal to acquire stake in Zhuoyu

BEIJING (Reuters) -Chinese automaker FAW signed a deal to buy into local driving assistance technology firm Zhuoyu, the country’s market regulator said on Monday in a notice seeking public comment on the investment through October 1.

FAW plans to acquire holdings now held by New Territory Technology Company. After the deal, FAW will take a 35.8% stake in Zhuoyu, while Hong Kong-based New Territory’s stake in Zhuoyu will drop to 34.85% from the current 70.65%.

(Reporting by Beijing newsroom, Editing by Louise Heavens)