January 30, 2020 / 11:24 PM / a month ago

Triton offers to buy Renk for 97.80 euros a share

(Reuters) - German car and truck maker Volkswagen (VOWG_p.DE) on Thursday said it had sold its transmissions making unit Renk (ZARG.F) to Triton for 97.80 euros a share, in a deal which gives Volkswagen proceeds of 530 million euros.

Triton entered into an agreement with the majority shareholder of Renk AG, Volkswagen Vermögensverwaltungs-GmbH, to buy 5.32 million shares in the company for 97.80 euros per share, Renk said in a statement.

Reporting by Mekhla Raina in Bengaluru and Edward Taylor in Berlin; Editing by Sandra Maler

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