Geely plans to privatize Zeekr brand, WSJ reports

Geely Automobile (GELYF) plans to privatize its Zeekr (ZK) brand, almost a year after its initial U.S. public offering, Jiahui Huang of The Wall Street Journal reports. Geely plans to acquire all of Zeekr’s issued and outstanding shares and its American depositary shares. The company said in a statement the move will help “drive deep integration and efficient collaboration of internal resources, eliminate redundant investments, reduce costs, enhance corporate competitiveness and create long-term value.” Geely’s proposal values Zeekr at $2.566 per share.