BorgWarner to acquire battery specialist Akasol
By Mike Brezonick16 February 2021
BorgWarner Inc. and Akasol AG announced that they have signed a Business Combination Agreement (BCA) that will position BorgWarner to significantly 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. Holders of approximately 59% of Akasol’s outstanding shares have committed to accept the offer.
Headquartered in Darmstadt, Germany, Akasol designs and manufactures customizable battery packs for use in buses, commercial vehicles, rail and industrial vehicles and marine vessels. The company’s proprietary system technology is cell-agnostic, providing a low-cost, flexible solution to world-class customers, BorgWarner said. With more than 300 full-time employees and three facilities across Germany and one facility in the United States, Akasol believes it is well positioned to capitalize on the large market opportunity across Europe and North America.
For more details on the deal, go to New Power Progress.