Fiat North America finalized its acquisition of the Chrysler Group from the UAW's trust today, as it moves to create a global automaker to compete with General Motors and Ford, the company announced.

The deal closed Tuesday with Chrysler paying out a special distribution of $1.9 billion to the VEBA Trust and paying out $1.75 billion from Chrysler cash-on-hand. The two parties also entered into an agreement in which Chrysler will make four additional payments equaling $700 million per year. The first of those payments, of $175 million, came as part of the finalized deal, a Fiat spokesman told Automotive Fleet.

Fiat and Chrysler announced the deal on Jan. 2 with Sergio Marchionne, Fiat's CEO and Chrysler's chairman and CEO, saying it would help him "fully execute our vision of creating a global automaker."

Originally posted on Automotive Fleet

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