Wallbox N.V. entered into an agreement to acquire Operations and Assets of ABL for approximately ?14.6 million.

Wallbox N.V. (NYSE:WBX) entered into an agreement to acquire Operations and Assets of ABL for approximately ?14.6 million on October 17, 2023. The transaction meets a number of critical strategic criteria for Wallbox, which will quickly begin to deliver value to customers, partners, and shareholders. This transaction enhances the scale and financial performance of Wallbox by immediately adding substantial sales and improving future earnings as Wallbox utilizes ABL?s existing technology and highly efficient workforce.

Of the total purchase consideration, ?10.1 million will be payable on the closing date, and the remaining ?4.5 million will be payable in eight substantially equal monthly installments, payable on the first day of each month beginning on December 1, 2023. The consummation of the Acquisition is subject to customary closing conditions, as well as approval of the Asset Purchase Agreement, subject to satisfaction of the closing conditions, the Acquisition is expected to close in the fourth quarter of 2023. The Asset Purchase Agreement is governed by German law.