MILAN (Reuters) -- Fiat received the final payment from its split-up settlement with General Motors on Friday, untying most of a four-year partnership and reeling in cash that will help boost its bottom line.
A company source said Fiat received 566 million euros ($727 million), in line with what was owed after a first payment in February of about 1 billion euros.
In a statement, Fiat Chief Executive Sergio Marchionne said the deal showed the two groups had a good relationship and "represents a strong base on which to build a mutually beneficial rapport in the future".
GM paid Fiat the 1 billion euros as soon as the split was agreed, helping Fiat post a net profit of 293 million euros in the first quarter -- the first quarterly profit it had made in more than three years.
Fiat won a post-tax gain of 500 million euros from the first payment and expects to book 300 million euros in the second quarter.
Under the divorce deal, GM will now share intellectual property on Fiat's popular JTD diesel engine and will continue to have a 50-percent stake in a Polish motor plant the two carmakers owned under their powertrain joint venture.
They also signed agreements to sell each other engines and transmissions in Europe and Latin America -- Fiat's two main markets -- and to work together to boost savings they get from platforms they developed as partners.