GM to Sell HUMMER for around $150 Million

GM Logo General Motors is expected to get around $150 Million for its HUMMER brand from Sichuan Tengzhong, a Chinese company that it’s been in negotiations with for several months.

While it is a far cry from $500 million, the figure that GM had placed on the brand in bankruptcy court, Tengzhong will also accept many of the brand’s liabilities including dealer obligations – putting the sale’s value much higher than the $150 Million which is only the cash amount to be exchanged.

Bloomberg is citing three sources familiar with the deal yet couldn’t identify them due to their proximity to the deal. The sources added that both parties are trying to reach a deal either today or tomorrow.

Stay tuned.

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