Fiat Chrysler Automobiles and PSA Group have announced plans for a merger of equals between the two automakers. The proposed deal will create the world’s fourth largest automaker; bringing iconic brands such as Jeep and Peugeot together, under one roof.

The automakers are valuing the deal at $48 billion and calling it a 50/50 merger. The merged entity will sell about 8.7 million vehicles a year, generate $190 million in annual revenue and have about 410,000 employees.

Current PSA CEO Carlos Tavares has been selected to serve as the combined company’s first CEO, while FCA chairman John Elkann will serve as chairman with the new company as well. The new company will be headquartered in The Netherlands, but will be listed on France’s Euronext and Italy’s Borsa Italiana exchanges, as well as the New York Stock Exchange.

FCA and PSA say the combined entity will have run-rate cost savings of $4.1 billion per year, largely through development costs and purchasing. These savings were the big motivator for the two automakers to combine; both citing development costs of electric and autonomous vehicles cited as the primary driver to merge.

The merger is still subject to approval by regulatory bodies in Europe and the U.S., as well as both company’s labor unions.

A merger with PSA Group shreds previous FCA merger attempts, which date back to 2014 when then FCA CEO Sergio Marchionne publicly stated his desire to merge with General Motors. More recently, FCA began courting PSA in summer 2018, but initial talks failed to pan out. FCA then attempted a merger of equals with France’s Renault back in May, but those talks failed when the French government refused to back the deal.