German automaker Mercedes-Benzes brand has been valued at 1.25 trillion euros ($1.48 trillion) and the European luxury carmaker Porsche has been sold to French automaker Aon.

The merger, which will also include Audi, will make it one of the world’s largest automakers with more than half a billion sales, according to Reuters.

The deal was approved by shareholders on Friday.

“We will become a global leader in automotive innovation,” Mercedes-Porsche CEO Norbert Hahn said in a statement.

Audi’s new CEO Stefano Domenicali will take over the reins of the German automakers after a three-year stint as head of Audi, Reuters reported. 

The new company will also add a new chapter to its rich history of European carmakers, which has seen its share price rise more than 300 percent since it was founded in 1872.

 Hahn said the deal would create a global powerhouse in automotive manufacturing.

Mercedes-Benz is known for its sports cars and compact sports cars.

The German luxury brand is currently owned by Daimler AG, and has also partnered with Ford Motor Co., General Motors Co., Mercedes-AMG, BMW AG, Nissan Motor Co. and others.