German automaker Daimler has acquired 15% stake in Hong Kong based Lei Shing Hong (LSG) strengthing their longstanding cooperation with an investment by Daimler in LSH.
The partnership is responsible for the Mercedes-Benz retail business of Lei Shing Hong Group. The transaction has been concluded after approval of the relevant antitrust authorities.
”With this transaction we affirm our long and successful cooperation with Lei Shing Hong. At the same time, we strengthen our Mercedes-Benz dealer network and meet the challenges in the coming years together with Lei Shing Hong,” said Bodo Uebber, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services.
Lei Shing Hong Group is one of the world’s biggest dealer groups for Mercedes-Benz cars, Daimler said in a media release. The decade long partnership with Mercedes-Benz has eventually lead to about 200 sales and services centers with focus in Asia and Australia. Since 2015, LSH has expanded its international presence and now is also present in Europe with facilities in Germany and Great Britain.
K S Gan, Group Managing Director of Lei Shing Hong: “Lei Shing Hong Group welcomes Daimler’s investment in LSH. We both share a common vision and passion. This investment by Daimler brings the existing relationship and cooperation to a new height. LSH, as an international group, will continue with its tradition of excelling in customer services and business management practices in its Mercedes-Benz business.”
Daimler’s investment is a strategically important step for both parties, with the aim of bringing one of the world’s biggest dealer groups for Mercedes-Benz cars to a new era and to other markets.
Till Conrad, who heads the sales department in the Overseas region at Mercedes-Benz so far, will assume the responsibility for the business as CEO at LSH from August 2017.