EV Technology Group Ltd. (NEOE:EVTG) entered into an agreement to acquire 76% stake in Fablink Group Holdings Limited for £29.5 million on August 3, 2022. EV Technology have also entered into an share exchange agreement with certain shareholders of Fablink Group which provides them with an option to sell the remaining 24% of Fablink Group to the Company. The consideration will be paid in cash for the 76% stake in the company.

Fablink has approximately 750 employees across seven manufacturing sites, counting leading global OEMs amongst its client base. The completion of the Acquisition is subject to customary closing conditions, including any related financing, due diligence and approvals by the NEO Exchange. Richard Westley, CEO, and founder of Fablink Group will remain in his current position in the new structure and will also join the EV Technology Group executive team as Chief Operating Officer upon completion of the acquisition.

As of November 11, 2022, the deal is expected to complete by October 30, 2022 to December 31, 2022. Fablink will also retain its current leadership team, facilities and over 750 employees. The Acquisition is expected to close later in the year.