PSA, together with BNP Paribas, will also acquire all of GM Financial’s European operations.

GM is selling their Opel/Vauxhall subsidiary and GM Financial’s European operations to the PSA Group in a transaction valued at almost CDN $3 Billion.

The deal will make PSA the second-largest automotive company in Europe, with a 17% market share.

“We are proud to join forces with Opel/Vauxhall and are deeply committed to continuing to develop this great company and accelerating its turnaround,” said Carlos Tavares, chairman of the Managing Board of PSA.

“For GM, this represents another major step in the ongoing work that is driving our improved performance and accelerating our momentum,” said Mary T. Barra, GM chairman and CEO. “We are reshaping our company and delivering consistent, record results for our owners through disciplined capital allocation to our higher-return investments in our core automotive business and in new technologies that are enabling us to lead the future of personal mobility.”