Akasol AG as well as BorgWarner Inc., and Blitz F21-842 AG have signed a Business Combination Agreement to enter into a strategic partnership. The strategic partnership gives AKASOL the opportunity to lever BorgWarner's unique global business platform, thus facilitating its ambitious growth strategy within the e-mobility field and further strengthening its market position for battery systems. Under the strategic partnership, AKASOL will continue to operate independently under the AKASOL brand. The Executive Board led by CEO Sven Schulz and CFO Carsten Bovenschen as well as the other founders continue to run the company.

Furthermore, with the Business Combination Agreement, AKASOL and BorgWarner agreed on important cornerstones of the partnership that secure the interests of customers and employees of AKASOL. Following signing of the Business Combination Agreement, Blitz F21-842 AG (in future: ABBA BidCo AG) published the decision to make a voluntary public tender offer to the shareholders of AKASOL for the acquisition of all outstanding no-par value bearer shares in AKASOL against payment of a cash consideration of EUR 120.00 per AKASOL share. The offer price represents a premium of 23.4 percent on the volume-weighted three-month average share price prior to the announcement, a premium of 44.2 on the volume-weighted six-month average share price prior to the announcement as well as a significant premium to the median broker target price of EUR 99.00, each as of 12 February 2021 according to Bloomberg.

It also represents an EV/sales multiple of approx. 6x based on research analysts' consensus of approx. EUR 125 million in 2021E sales as well as an EV/sales multiple of approx.

1.8x based on AKASOL's 2024E mid-term sales target in excess of EUR 400 million.