BorgWarner completes takeover of German battery firm Akasol

by John Shepherd
CEO Sven Shulz (right) and CFO Carsten Bovenschen to continue leading Akasol. Photo: Akasol
BorgWarner, the US-headquartered automotive supplier, has completed its acquisition of a majority stake in Germany-based battery manufacturer Akasol.

Akasol shareholders accepted the voluntary public takeover offer by ABBA BidCo, a BorgWarner subsidiary, for a purchase price of €120.00 (about £103) per share.

Akasol CEO Sven Schulz said the battery company will now look to expand in Europe, North and South America.

Carsten Bovenschen, Akasol’s CFO, said: "With BorgWarner as a strong partner on our side, we believe Akasol is well positioned to successfully realise the dynamic growth that we expect as our expansion course continues to gain momentum.”

Revenue boost

Bovenschen said the company could increase revenue for 2021 by up to 50% compared to last year – after posting a first-quarter tripling of revenue for 2021 to €24m, compared to the same period in 2020.

The planned acquisition of Akasol was announced earlier this year, in a deal that set the firm’s total enterprise value at around €754m.

Under the terms of the deal, Schulz will continue to lead Akasol, together with Bovenschen, all founders and the management team.

Akasol, headquartered in Darmstadt, designs and manufactures customisable battery packs for buses, commercial vehicles, rolling stock and industrial vehicles, as well as for ships and boats.

Schulz said last summer that Akasol had started delivering its second-generation AKASystem OEM PRC-type lithium-ion battery systems, made at its second serial production line. The line was commissioned at the company’s Langen plant, in the German state of Hesse, in early 2020.

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