Vehicle original equipment manufacturer (OEM) BorgWarner has launched plans to buy out lithium-ion battery maker Akasol, to strengthen its commercial vehicle and off-highway vehicle electrification strategy.
A wholly-owned subsidiary of the German firm BorgWarner will launch a voluntary public takeover offer at €120 ($144) per share, in cash, for all outstanding shares of Akasol as part of a business combination agreement.
The offer values Akasol at around €754 million ($551 million), which includes the assumption of €27 million ($32 million) of net debt.
If the buy-out is successful, Akasol is expected to be run independently from its Darmstadt headquarters in Germany, with BorgWarner intending to be represented on the supervisory board.
It is expected that Akasol’s CEO Sven Schulz, its CFO Carsten Bovenschen and CTO Stephen Raiser will continue their roles after the transaction.
The offer, which has been unanimously approved by the BorgWarner board of directors and the Akasol supervisory board, is due to be completed in the second quarter of this year, subject to regulatory approvals and closing conditions.
The acceptance period under the offer is expected to commence by the end of March.