The Chrysler Corporation has become the only privately owned company among the so-called “Big 3” American automakers in Detroit.
According to the New York Times, private equity firm Cerberus Capital Management paid $7.4 billion on Friday for a majority stake in the company.
The German carmaker Daimler will hang on to a 20-percent ownership stake.
Prior to the sale, DaimlerChrysler officials said it wouldn’t affect their Freightliner heavy truck operations.
Private equity firms are known for taking over struggling companies, then making major changes to make them profitable.