BMW is paying $4 billion to take control of its China business

The German company said Thursday that it will pay €3.6 billion ($4.2 billion) to take control of its business in China. It’s the first international carmaker to announce this kind of deal since the Chinese government moved earlier this year to relax ownership restrictions.

Under the deal with its Chinese partner, Brilliance China Automotive Holdings, BMW (BAMXF) will increase its stake in their joint venture by 25% to 75%.