BorgWarner Inc., a company that specializes in technology solutions for combustion, hybrid and electric vehicles (EVs), has signed a business combination agreement (BCA) to expand its commercial vehicle electrification capabilities.
As part of the agreement, a wholly-owned subsidiary of BorgWarner will launch a voluntary public takeover offer at €120.00 per share in cash for all outstanding shares of AKASOL, a German developer and manufacturer of high-energy and high-performance lithium-ion battery systems for use in buses, commercial vehicles and industrial vehicles.
AKASOL says its proprietary system technology is cell-agnostic, providing a low-cost, flexible solution to its customers. With more than 300 full-time employees and three facilities across Germany and one facility in the U.S., the company believes it is well-positioned to capitalize on the large market opportunity across Europe and North America.
“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,” says Frédéric Lissalde, president and CEO of BorgWarner. “AKASOL is highly-regarded as a reputable and reliable partner, and like us, they have a customer-first mentality and a culture of innovation and environmentally friendly technology leadership. We look forward to welcoming their incredibly talented team to BorgWarner.”
BofA Securities Inc. is acting as financial advisor. Foley & Lardner LLP and Freshfields Bruckhaus Deringer are providing legal advice to BorgWarner. Berenberg is acting as financial advisor and Hogan Lovells is acting as legal advisor to AKASOL.
