Photo: Aytac Unal/Anadolu Agency/Getty Images

Fiat Chrysler and Peugeot-maker PSA Group of France have agreed on a binding, 50-50 merger deal, the companies said in a joint statement Wednesday.

Why it matters: The merger would lead to the creation of the world’s fourth-largest automaker by volume and third largest by revenue, with annual sales of 8.7 million units and combined revenues of nearly $189 billion, according to the statement.

Details: Fiat Chrysler chairman John Elkann will be chair of the new company and PSA chief Carlos Tavares will be chief executive for an initial term of five years and he'll also be a board member, according to the statement.

By the numbers: The new firm would have a stock market value of approximately $46 billion, per Bloomberg.

  • It would have annual unit sales of 8.7 million vehicles, with revenues of nearly €170 billion ($189 billion), the statement notes. That puts it "just behind Toyota, Volkswagen and the Renault-Nissan alliance," AP reports.

Background: News of Fiat Chrysler and PSA's merger talks first broke in late October.

  • In June, Fiat Chrysler pulled out of a 50-50 merger offer with Renault as the deal couldn't get off the ground without the approval of the French government, a major shareholder in Renault.

Go deeper: Another marriage scuttled, Fiat Chrysler forges ahead

Editor's note: This article has been updated with new details throughout.

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