General Motors Co. (NYSE:GM) and Groupe PSA (Paris:UG) today announced the close of the sale of GM’s Opel/Vauxhall business to the Groupe PSA.

The sale represents a win for all stakeholders and is the latest and most significant in a series of actions GM has taken to strengthen its global enterprise and position itself for the future, while immediately improving the company’s financial performance.

“We’ve taken another bold step in our ongoing work to transform GM,” said GM President Dan Ammann. “This transaction allows us to sharply focus our resources on higher-return opportunities as we expand our technical and business leadership in the future of mobility.”

The sale of GM Financial’s European operations to Groupe PSA and BNP Paribas is expected to close later this year, subject to various regulatory approvals.