BorgWarner acquires AKASOL AG, seeking to expand Electrification portfolio

2021-06-07
BorgWarner acquires AKASOL AG, seeking to expand Electrification portfolio

TAKEOVER PROCESS SUCCESSFULLY CLOSED: BORGWARNER ACQUIRES 89 PERCENT OF AKASOL

 

Shareholders of AKASOL AG have accepted the voluntary public takeover offer by ABBA BidCo AG, a subsidiary of BorgWarner Inc., after the extended acceptance period expired with an acceptance rate of 89.08 percent of the AKASOL shares outstanding. The minimum acceptance threshold of 50 percent plus one share was thus clearly exceeded. In the partnership with BorgWarner, AKASOL’s management team looks forward to approaching the next steps of the Company’s expansion with even more energy.

“Nearly four months ago, BorgWarner and AKASOL announced their joint plans for the future and the takeover offer. Now we have reached a significant milestone with the completion of the offer. We members of the Management Board of AKASOL consider the high acceptance rate to be a sign that the offer to AKASOL shareholders was made at a reasonable price. We are looking forward to now beginning our cooperation with BorgWarner in the new shareholder structure. We will develop a sustainable strategy to seek to realize AKASOL’s growth potential in Europe, North and South America,” said Sven Schulz, CEO of AKASOL AG.

“With BorgWarner as a strong partner on our side, we believe AKASOL is well positioned to successfully realize the dynamic growth that we expect as our expansion course continues to gain momentum. For the current year, we can look back on a good first quarter. As announced on Monday, AKASOL was able to triple Q1 revenues compared to 2020 to EUR 24 million and achieved a positive EBITDA. For the full year, we consider an increase in revenue of up to 50% compared to 2020 as possible,” added Carsten Bovenschen, CFO of AKASOL AG.

On May 10, 2021, BorgWarner had already announced on the website abba-angebot.de that all conditions of the takeover offer had been met, including the necessary regulatory approvals.

The purchase price in the amount of EUR 120.00 per tendered AKASOL share is expected to be settled today, 4 June 2021.

Important note

It is expressly pointed out that only the reasoned opinions of the Management Board and Supervisory Board are authoritative. The information contained in this press release does not constitute an elaboration on or a supplement to the statements made in the announcements.

Press-Kit Download: AKASOL Press-Kit

Source and Picture : Akasol

 

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