Fiat buys Chrysler in $4.35 billion deal

The Fiat Auto Group, the holding including the Ferrari Formula One team, has announced that it has struck a deal to buy the remaining shares of Chrysler in a deal worth $4.35 million.

The Italian carmaker also partially owned Chrysler but is set to become its only owner by 20 January. The deal will see $3.65 billion transferred from Fiat to the VEBA healthcare trust fund. $1.75 billion of that will be cash, while an additional $1.9 billion will be part of a "special distribution." An additional $700 million will be paid over four separate installments in exchange for continued support of the trust fund towards Fiat-Chrysler.

The deal does not appear to have any direct impact to Ferrari and its Formula One team, even though 85% of its shares are owned by Fiat.