Monbat acquires 60 percent stake in Tunisian lead battery firm Nour

by John Shepherd
Monbat set up Bulgaria's first accredited battery testing laboratory earlier this year. Photo: Monbat
Bulgaria-based battery manufacturing group Monbat has acquired a 60% stake in Tunisian lead battery company, Nour, as part of plans to expand its market share across North Africa and the Middle East.

Monbat’s board said in a statement that the acquisition was in line with plans to establish its own manufacturing base in the region as it extends its reach into, "but not limited to Tunisia, Algeria and Libya”.

Under the terms of the deal, Monbat will acquire 720,000 shares in Nour for €10.3m (£8.9m). Monbat said the deal was being financed through a bond issue and its own funds.

The acquisition will take place in two stages – securing an initial 23% tranche of the shares, following by Monbat’s acquisition of the remainder by 31 December, 2021.

Varied portfolio

Nour was founded in 1956 as Tunisia’s "first company to specialise in the design, manufacture and distribution of batteries”.

The company said it produced the first maintenance-free lead-calcium battery in Tunisia in 2006 and currently manufactures products for sectors including cars, public transport vehicles and maritime vessels.

Monbat’s acquisition comes two years after the company announced it was taking a majority stake in Italian engineering company Science Technology & Consulting (STC).

Monbat’s lead-acid business has production and recycling facilities in Bulgaria and recycling plants in Romania, Serbia and Italy.

In 2017, the group moved into the lithium-ion business too, with the acquisition of German peers Gaia Akkumulatorenwerke and EAS Germany.

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