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Business deals

Chinese automaker Geely buys Danish fintech specialist

Deal for Saxo Bank provides payment tech, potentially for car-sharing

Vehicles from Lynk & Co., a Geely and Volvo Car joint venture, come standard with car-sharing features that require fintech technologies like digital payments. (Photo by Shunsuke Tabeta)

BEIJING -- China's Zhejiang Geely Holding Group has won approval to buy a Danish financial technology company in a move to strengthen the automaker's ability to provide connected cars.

Geely, which owns Volvo Car, is acquiring a 52% stake in Saxo Bank from its founders and institutional investors, the parties announced on Friday. The purchase price was undisclosed, but the transaction values Saxo at about 1.33 billion euros ($1.55 billion). 

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