GM, which today adopted the new stock ticker symbol GMGMQ, has sold its Hummer brand to an undisclosed source. CNNMoney reports:
GM has been studying strategic alternatives for the brand for a year and has settled on a buyer that could take over the brand by the end of the third quarter.
As expected, the identity of the purchaser and financial terms weren’t released. GM would say only that the investor is committed to continuing to develop the Hummer portfolio and building alternative-fuel models for the brand at some point.
The buyer “is quite capable of closing,” GM Chief Executive Fritz Henderson said Tuesday in an interview with CBS. He said the sales will preserve 3,000 U.S. jobs in Hummer factories and dealerships.
There’s been oodles of speculation about potential buyers since last year. Tata Motors, Chinese defense contractor Dongfeng, Mahindra & Mahindra, Chinese SUV manufacturer Changfeng, a Russian billionaire, and a Turkish private equity fund have all made the rounds, to no avail.
Dealbreaker postedan anonymous tip that PE group Carlyle cofounder David Rubenstein was eating lunch with Rahm Emanuel last night, indicating Carlyle may have purchased the brand. Carlyle is reportedly looking to build its suite of defense companies, so a purchase of AM General (the company that manufactures Hummer) would make sense.
But none of it has been confirmed. For now, who bought Hummer remains a mystery.