BorgWarner Inc. (NYSE: BWA) has agreed to acquire AKASOL AG. The deal values AKASOL at a total enterprise value of approximately €754 million. Headquartered in Darmstadt, Germany, AKASOL designs and manufactures customisable battery packs for use in buses, commercial vehicles, rail vehicles and industrial vehicles, as well as in ships and boats.
BorgWarner says it believes the acquisition will ‘significantly strengthen its commercial vehicle and off-highway battery systems business as it continues to execute its electrification strategy’.
AKASOL is expected to continue to be run independently from its headquarters, and BorgWarner intends to be represented on the Supervisory Board. CEO Sven Schulz, CFO Carsten Bovenschen and CTO Stephen Raiser will continue their roles after completion of the transaction.
Frédéric Lissalde, President and CEO of BorgWarner, says: “AKASOL is an excellent strategic fit as BorgWarner seeks to continue to expand its electrification portfolio and capitalize on the profound industry shift towards electrification. AKASOL’s manufacturing footprint and established, in-production customer base are complementary to BorgWarner’s and would accelerate our foothold into the fast-growing commercial vehicle and off-highway battery pack market. AKASOL is highly-regarded as a reputable and reliable partner, and like us, they have a customer-first mentality and a culture of innovation and environmentally friendly technology leadership. We look forward to welcoming their incredibly talented team to BorgWarner.”
Sven Schulz, CEO and Founder of AKASOL. adds: “The Executive Board welcomes the strategic partnership with BorgWarner, as it offers significant strategic perspectives to AKASOL. BorgWarner shares our vision of emission-free mobility, and with joint forces, we will expand AKASOL’s technology and market leadership for high-performance battery systems.”
With manufacturing and technical facilities in 96 locations in 24 countries, BorgWarner has approximately 50,000 employees worldwide.