BMW has announced it will buy the British brand M3, which it acquired for $8 billion last year, in a deal worth $12 billion.
The carmaker said the deal will allow it to take a bigger slice of the M3 market, which has struggled to make money in recent years.”BMW’s M3 is a global, global, highly successful and important brand,” BMW chairman Dieter Zetsche said.
“The BMW brand is synonymous with excellence, innovation and passion.”BMW, which owns the M brand, has seen the M model suffer a series of bad sales in the United States.
The deal will bring BMW back into the luxury market, where it had been struggling.
In the last three years, BMW has sold just 2,200 M3s, a figure that was down 50% from its peak in 2012.BMW is also expected to invest $500 million in its U.K. operations.
In the past year, BMW’s sales in Germany have slowed and its U