CEO Sergio Marchionne of Fiat is now CEO of Chrysler as well, thanks to the closing of the deal that puts the U.S. automaker in the hands of the Italian company.

As the Detroit News puts it, the deal combines "the good assets from the bankrupt Chrysler and technology from Fiat" to form a company that will focus on smaller, more fuel efficient vehicles than Chrysler has been known for in recent years.

The Associated Press notes that Fiat "won't put any money into the deal but will give Chrysler billions worth of small car and engine technology."