Saietta Group plc (AIM:SED) acquired e-Traction Europe B.V. from Hubei TET Drive Technology Co., Ltd. for ?2 million on November 11, 2021. The consideration comprises of ?1 at completion and a further deferred consideration of up to ?1,999,999 (including the ?300,000 warranty retention) in respect of the satisfaction of certain conditions being achieved by the Seller with regards to approvals from the relevant agencies of the People's Republic of China. Transaction will be funded from Saietta?s existing cash resources. All liabilities due to e-Traction's former parent group have been waived as part of the transaction. In the year December 31, 2020, e-Traction reported revenue of ?1.2 million, a loss before tax of ?6.46 million and net liabilities of ?12.0 million. There are no changes to the board or management of Saietta as a result of the transaction.?Henry Fitzgerald-O'Connor of Canaccord Genuity advised Saietta. Saietta Group plc (AIM:SED) completed the acquisition of e-Traction Europe B.V. from Hubei TET Drive Technology Co., Ltd. on November 11, 2021.