AsianFin -- Geely Automobile Holdings announced plans on Wednesday to acquire the remaining 34.3% stake in its electric vehicle subsidiary ZEEKR, aiming to take the EV maker private in a deal that values the company at $6.52 billion.

Geely is offering $25.66 per American Depositary Share (ADS) of ZEEKR, representing a 13.6% premium over Tuesday’s closing price. The announcement sent ZEEKR shares surging more than 11% in U.S. premarket trading to $25.10.

The Chinese automaker currently owns about 65.7% of ZEEKR’s outstanding shares. It said the transaction would streamline operations, reduce overlapping investments, and lower costs by consolidating resources into a unified platform.

Geely plans to fund the buyout through a mix of newly issued shares, existing cash reserves, and, if necessary, debt financing.