BorgWarner Inc. (NYSE:BWA) signed a letter of intent to acquire the remaining 7.05% stake in Akasol AG (XTRA:ASL) on August 2, 2021. BorgWarner Inc. agreed to acquire the remaining 7.05% stake in Akasol AG for €50.9 million on October 29, 2021. As a part of agreement, Akasol's management board to initiate a meeting of the shareholders of Akasol to approve the transfer of shares held by Akasol's remaining minority shareholders to BorgWarner against appropriate cash compensation within three months after the execution of the merger agreement.

AKASOL's employees will join BorgWarner at Germany and the United States location. The shareholders meeting of AKASOL is expected to take place on December 17, 2021. The appropriate cash compensation for the Merger Squeeze-Out has not yet been determined.

The conclusion and notarization of the merger agreement will take place on November 1, 2021. At completion of the transaction, the shares of all minority shareholders were automatically transferred to ABBA BidCo AG by operation of law. AKASOL AG has been merged into ABBA BidCo AG and AKASOL common stock will cease to be traded on the relevant Stock Exchanges.

Sven Schulz, the former Chief Executive Officer of AKASOL, will continue in a consulting role with BorgWarner through the second quarter of the year.