Apple Inc. AAPL, +0.39% is selling off a wide range of battery products to fund its $6.7 billion buyout of the German electric car maker, making the company the largest shareholder in battery makers BMW AG BABA, +1.12% and Daimler AG DLV, +2.23% The purchase of Tesla Inc. TMUS, +3.03% and Japanese carmaker Nissan Motor Co. NTDA, +4.02% is part of a larger strategy that also includes selling its stake in Apple to Chinese tech giant Alibaba Group Holding Ltd.
BAC is also buying up a wide variety of other tech stocks.
The purchase includes Apple’s battery makers, BMW and Daedalic.
They will receive $3.7 million apiece in cash and stock, along with options and other rights.
Tesla, meanwhile, is getting $5 million in cash.
The deal is part-and-parcel of Apple’s $6 billion acquisition of Tesla, and is expected to close by the end of the year.
The buyout is Apple’s largest single acquisition in its history.
Apple is also acquiring the rights to sell its remaining stake in its $1.8 billion stake in Tesla.
It’s also buying a stake in Samsung Electronics Co. and a stake with Ford Motor Co., which will include a stake of about 3% each.