Chinese battery company Camel Group has bought Yangzhou-based Apollo Battery for Rmb220m ($355.98m).
The company acquired 100% of the company from two Australian shareholders, Oriental Technologies and Indeveno Industrial Supply.
Apollo Battery develops and produces lead-acid batteries for the automotive and shipbuilding industry. The company has an annual production capacity of 3m units and has an international customer base.
Camel produces lead-acid, lithium-ion and battery materials. The company is also involved in battery recycling through its subsidiaries. Camel mainly provides batteries for automobile engines and e-bikes.
The deal enables Camel to expand in east China. Camel has now production facilities in east, west, north and central China.
A preliminary stake acquisition agreement was signed in April this year.