BorgWarner has completed the acquisition of Akasol AG, a German manufacturer of lithium-ion battery systems. Agreed to acquire During February.
BorgWarner became 89% owner of Akasol when the car supplier completed the tender offer for the shares of the battery manufacturer. According to Friday’s news release..
BorgWarner paid approximately $ 788 million from its cash balance to settle the tender offer. After the transaction, Akasol will act as an independently operated subsidiary.
“Under Project Charging Forward, BorgWarner’s innovative products, features and teams in the process of growing the electric vehicle business to about 45% of total sales by 2030. We are excited to be added to Warner, “CEO Frederick Lissard said in a release. ..
Akasol manufactures bus and commercial vehicles, as well as train engines and battery systems for ships. The company has more than 300 employees in two factories in Germany and one in Hazel Park, Michigan.
Under the acquisition, BorgWarner provided investors with approximately $ 146 per share. BorgWarner said in February that it had taken on more than $ 32 million in debt as part of the transaction and opened an unused $ 900 million loan facility to meet German regulatory requirements.
BorgWarner’s acquisition of Akasol Acquisition of Delphi Technologies in October 2020 With a $ 3.2 billion deal. With the addition of both, the company’s electric propulsion capacity has improved.
BorgWarner ranked 25th. Car news List of World’s Top 100 Supplier Global sales to automakers in 2019 are $ 10.2 billion.
https://njcar.org/automotive-news/dealer-headlines/borgwarner-finalizes-takeover-of-battery-systems-maker-akasol/ Supplier BorgWarner completes acquisition of German battery maker Akasol