FRANKFURT — Volkswagen Group will pay a 48 percent premium to buy out the minority shareholders of premium division Audi, the group’s premium brand said on Tuesday.

VW Group, which already holds 99.64 percent of Audi, announced the squeeze-out plans in February.

“Volkswagen AG announced and specified that it has set the cash settlement to be paid to the minority shareholders in return for the transfer of their shares at 1,551.53 euros per Audi AG share,” the automaker said.

This compares with a share price of 1,050 euros a piece on Tuesday and amounts to a purchase price of 237 million euros ($267 million) for the 152,749 outstanding Audi shares, according to Refinitiv data.

The transfer is expected to be passed at Audi’s next annual general meeting, which the automaker said should take place in July or August.