BorgWarner agrees to acquire lithium-ion battery systems supplier Akasol
BorgWarner announced acquisition of Akasol, a German developer and manufacturer of customizable lithium-ion battery systems for use in buses, commercial vehicles, rail vehicles and industrial vehicles, as well as in ships and boats.
According to the press release, the total enterprise value of Akasol is estimated at €754 million, which includes the assumption of €27 million of net debt. BorgWarner acquire 59% of Akasol at €120.00 per share.
BorgWarner says the acquisition would significantly strengthen its commercial vehicle and off-highway battery systems business as it continues to execute its electrification strategy.
“Akasol is an excellent strategic fit as BorgWarner seeks to continue to expand its electrification portfolio and capitalize on the profound industry shift towards electrification. Akasol’s manufacturing footprint and established, in-production customer base are complementary to BorgWarner’s and would accelerate our foothold into the fast-growing commercial vehicle and off-highway battery pack market,” said Frédéric Lissalde, President and CEO of BorgWarner. “Akasol is highly-regarded as a reputable and reliable partner, and like us, they have a customer-first mentality and a culture of innovation and environmentally friendly technology leadership. We look forward to welcoming their incredibly talented team to BorgWarner.”