The Italian car maker has owned a majority stake in Chrysler since 2009.
The new agreement ends long negotiations with the current owners, Veba, the healthcare trust affiliated to the United Auto Workers’ union (UAW).
The move will create the world’s seventh-largest car company.
Chrysler and Fiat will pay the trust an initial $3.65 billion.
Once the deal is signed off, Chrysler will pay Fiat another $700 million.
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