BorgWarner Inc. has completed its acquisition of AKASOL AG. The business combination is expected to significantly strengthen the company’s commercial vehicle and industrial electrification capabilities.
“We are pleased to complete our acquisition of AKASOL and welcome AKASOL’s talented employees in Germany and the United States to BorgWarner,” states Frédéric Lissalde, president and CEO of BorgWarner. “AKASOL is an excellent strategic fit as BorgWarner seeks to continue to expand its electrification portfolio and capitalize on the profound industry shift towards electrification.”
AKASOL represents about 20-25% of the inorganic sales underlying Project Charging Forward, contributing nearly $600 million in expected electric vehicle (EV) revenue by 2025. Project Charging Forward was announced in March 2021 and aims to grow the company’s revenue from EVs to close to 45% of total revenue by 2030.
At completion of the transaction, the shares of all minority shareholders were automatically transferred to ABBA BidCo AG by operation of law. At the same time, AKASOL AG has been merged into ABBA BidCo AG and AKASOL common stock will cease to be traded on the relevant Stock Exchanges. Sven Schulz, the former CEO of AKASOL, will continue in a consulting role with BorgWarner through the second quarter of the year.
