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Volkswagen Nears Deal To Sell Its Minority Stake In Electrify America To Siemens : Report

Volkswagen (VKW.L,VLKAF.PK,VOW.BE) is nearing a deal to sell a minority stake in its U.S. electric-vehicle charge business to an arm of Siemens AG. The transaction would value electric-vehicle charging business at more than $2 billion, the Wall Street Journal reported citing people familiar with the matter.

According to the report, the deal is expected to be announced as soon as Tuesday, assuming talks don't break down.

A sale of a stake in Volkswagen's Electrify America LLC would generate additional funding as part of a plan to more than double the number of EV charging stations that Electrify America operates across the U.S. and parts of Canada to 1,800 by 2026. Reston, Va.-based Electrify America also offers EV charging stations for use at home.

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