According to a report published by Bloomberg and viewed by Sky News Arabia, the deal is expected to value the joint venture – represented by Horse Powertrain Limited – at approximately 7.4 billion euros ($7.9 billion).
The report explained that Renault and Geely will retain about 45 percent of the company each.
Renault shares turned positive on the news, rising as much as 1 percent to reverse earlier losses.
The company’s stock has risen about 27 percent since the beginning of the year.
The three companies last year announced plans to manufacture combustion and hybrid engines through a joint venture.
Saudi Aramco said at the time that it planned to own up to 20 percent of the company that would manufacture these engines, according to Bloomberg.
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