VOLTABOX AG
DGAP-News: Voltabox AG / Key word(s): Takeover Voltabox Approves Two-part Execution of Navitas Acquisition - Commercial business activities that focus on intralogistics will be acquired soon - Public sector business activities will be acquired in a second phase - Commercial business is expected to make up 80 percent of the total purchase price - In connection with the proposed contract amendment, the total purchase price will be reduced to the equivalent of about EUR 35.7 million (US$ 41.5 million) Delbrück, October 16, 2018 - The Management Board of Voltabox AG [ISIN DE000A2E4LE9] has determined, subject to the approval of the Supervisory Board, to divide its acquisition of all shares of Navitas Systems LLC into two phases. The acquisition of Navitas, the U.S. market leader for battery systems in intralogistics, was announced on June 29, 2018. Voltabox will complete the acquisition of business activities focusing on intralogistics soon. The conclusion of this contract is subject to approval of the transaction by the Committee on Foreign Investment in the United States (CFIUS), an interdisciplinary U.S. government commission. CFIUS has not yet completed a review. The Management Board expects CFIUS to approve the entire transaction by the end of November. However, CFIUS has the right to extend the review period. In order to not delay completion of the purchase agreement, the parties intend to initially execute the contract for the commercial business activities of Navitas that focus on intralogistics, in consultation with CFIUS. The purchase price will be adjusted to around US$ 41.5 million (equivalent to about EUR 35.7 million, originally about US$ 43 million or EUR 37 million) in connection with the proposed contractual adjustment and the delay of its execution. Jürgen Pampel, Chief Executive Officer of Voltabox AG, says, "With this step, we want to quickly integrate Navitas within the growth market of intralogistics as planned, which is strategically important to us. At the same time, we are securing valuable resources in cell development and production, so we can continue expanding our value chain." Commercial business activities are expected to account for 80 percent of the total purchase price. As soon as CFIUS approves the entire transaction, it is expected to be completed for the remaining business activities in the public sector. Navitas Systems LLC has around 80 employees and is a leader in the U.S. market for battery systems in intralogistics. It is expected to significantly enhance the growth of Voltabox in the North American market. Following completion of the entire acquisition, Navitas Systems LLC will be renamed Voltabox of Michigan LLC. About Voltabox AG Voltabox AG (ISIN DE000A2E4LE9), which is listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange, is a rapidly growing system provider for e-mobility in industrial applications. Its core business lies in intrinsically safe, highly developed high-performance lithium-ion batteries that are modular and in serial production. The battery systems are primarily used in buses for public transportation, forklifts, automated guided vehicles and mining vehicles. The company also develops and produces high-quality lithium-ion batteries for select mass-market applications, such as high-performance motorcycles and pedelecs. Voltabox has production sites at its headquarters in Delbrück, Germany, in Korntal-Münchingen, Germany, in Austin, Texas, USA, and in Kunshan, China, as well as a development site in Aachen, Germany. Additional information about Voltabox can be found at www.voltabox.ag.
16.10.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Voltabox AG |
| Artegastraße 1 | |
| 33129 Delbrück | |
| Germany | |
| Phone: | +49 (0)5250 9930 964 |
| Fax: | +49 (0)5250 9930 901 |
| E-mail: | info@voltabox.ag |
| Internet: | www.voltabox.ag |
| ISIN: | DE000A2E4LE9 |
| WKN: | A2E4LE |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| End of News | DGAP News Service |
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