BorgWarner Acquires Lithium-Ion Battery Systems Supplier Akasol

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by Kivi

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02.16.2021


BorgWarner announced acquisition of Akasol, a German developer and manufacturer of customizable lithium-ion battery systems for use in buses (including Mercedes-Benz eCitaro), 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.

“As part of the agreement, a wholly-owned subsidiary of BorgWarner will launch a voluntary public takeover offer at €120.00 per share in cash for all outstanding shares of AKASOL (“the Offer”). Holders of approximately 59% of AKASOL’s outstanding shares have committed through Irrevocable Undertakings to accept the Offer with respect to their shares. The Offer represents a premium of approximately 23% to AKASOL’s three-month volume-weighted average share price prior to announcement and values AKASOL at a total enterprise value of approximately €754 million, which includes the assumption of €27 million of net debt.”

Akasol battery pack

Akasol battery pack

AKASOL battery systems

AKASOL battery systems

BorgWarner, which is known in the EV world for its drive units, power electronics and transmissions, has already several acquisitions under the belt. Let’s recall them: electric motor manufacturer Remy International (2015), power electronics (on-board chargers, inverters) manufacturer Sevcon (2017), and in 2019 also Rinehart Motion Systems and AM Racing, which were combined into a new wholly-owned company, Cascadia Motion LLC to develop electric and hybrid propulsion solutions for niche and emerging applications. In 2019 the company entered into a partnership with Romeo Power Technology, acquiring 20% of shares.

The addition of Akasol to the portfolio is expected to significantly strengthen commercial vehicle electrification capabilities.

Akasol describes itself as cell-agnostic. The company has more than 300 full-time employees and three facilities across Germany and one facility in the United States.

Frédéric Lissalde, President and CEO of BorgWarner said:

“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.

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.”

Sven Schulz, CEO and Founder of AKASOL said:

“The Executive Board welcomes the strategic partnership with BorgWarner, as it offers significant strategic perspectives to AKASOL. BorgWarner shares our vision of emission-free mobility, and with joint forces, we will expand AKASOL’s technology and market leadership for high-performance battery systems.”



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