Volvo announced today it’s intention to go public. However, it will not be listed in one of the U.S. stock markets, bur rather on the NASDAQ Stockholm.
Volvo Cars announces its intention to launch an Initial Public Offering and list on Nasdaq Stockholm
According to several published reports, the deal is estimated to raise U.S. $2.9 Billion.
Volvo was purchased by the Ford Motor Company back in January 1999 for $6.5 billion. However, after the aftermath of the 2008 financial crisis, Ford sold off several assets including its ownership of Volvo.
In 2010, the Chinese firm, Zhejiang Geely Holding Group (ZGH) purchased Volvo from Ford for $1.8 Billion. That marked a huge loss for Ford in the roughly 11 year period it had ownership of the Volvo brand. However, a $2.9 Billion valuation would mark a $1.1 billion increase in value in the last 11 years since Geely purchased the Volvo brand.
In Miami, we have two Volvo dealerships:
- Deel Volvo located in Coral Gables at 3650 Bird Road.
- Volvo Cars of North Miami located at 19275 NW 2nd Avenue.