Akasol takeover has been completed: BorgWarner is now owner of 89% of the battery systems producer’ shares.
The Darmstadt-based company announced today that «Shareholders of Akasol have accepted the voluntary public takeover offer by ABBA BidCo AG, a subsidiary of BorgWarner, 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».
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 possibleCarsten Bovenschen, CFO of Akasol
Akasol is now part of Borgwarner group
Akasol has been so far providing battery modules for Volvo Buses (although the cooperation with the Swedish manufacturer has not been explicitly mentioned) and Mercedes. In late 2020 also a deal with a «the largest Turkish commercial vehicle manufacturer» was made public.
Back in late 2019, in an interview with Sustainable Bus, Akasol CEO Sven Schulz said that «By 2025, we expect that 80 per cent of all newly registered city buses in Europe will be electrified».
Before taking over Akasol, BorgWarner, headquartered in the US, has acquired Delphi Technologies in an effort addressed at becoming a leading supplier of electric drive systems (just a few days ago the group announced it is going to supply integrated drive module to Hyundai Motor Group EVs).
Akasol – BorgWarner: focus on a global expansion
“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 Schulz.
“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.