GM has closed the sale of Opel/Vauxhall to the PSA Group for €2.2bn, creating the second largest carmaker in Europe with a market share of 17% and a portfolio of five brands.

PSA’s acquisition of Opel/Vauxhall comes nearly 92 years after General Motors purchased Vauxhall.

The acquisition is expected to bring economies of scale for purchasing, manufacturing and R&D of around €1.7bn per year in the mid term, with Michael Lohscheller, newly appointed CEO of Opel/Vauxhall, to present a performance plan in 100 days.

PSA chairman Carlos Tavares said: “We will grasp this opportunity to build on one another’s strengths and to attract new customers, thanks to the implementation of the performance plan that Opel and Vauxhall will implement.”

The closing of the deal also sees some leadership changes, with Philippe de Rovira, previously group controller at Groupe PSA, to become the new CFO of Opel. Meanwhile Christian Müller, previously vice president global propulsion systems – Europe, will succeed William F Bertagni as vice president engineering while Remi Girardon, previously senior vice president group industrial strategy at Groupe PSA, takes over from Philip R Kienle as vice president manufacturing. Finally Michelle Wen, group supply chain management network director at Vodafone Procurement, joins Opel from 1 September, replacing Katherine Worthen currently vice president purchasing and supply chain.

The PSA deal will bring an end to General Motors’ involvement in Europe, other than from selling a handful of Camaro and Corvette muscle cars.

The acquisition of GM Financial’s European operations is also under way, subject to validation by the different regulatory authorities, with completion planned for later this year.