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Electronics Production | February 17, 2006

Axeon acquires Advanced Batteries

Axeon Holdings is about to buy the Scottish battery specialist Advanced Batteries.
Axeon is planning to maintain the existing businesses in their existing shapes. "Axeon will acquire the entire issued share capital of ABL for a cash consideration of £470,000 payable at completion, together with a deferred consideration of a maximum of £500,000 in cash and the issue of up to 3,252,032 Ordinary Shares. The Share Purchase Agreement also obliges Axeon to provide funding to ABL to enable it to pay the consideration of approximately £1,170,000 for the ABL Business. This consideration includes approximately £400,000 for the purchase of the current debtor book", EETimes reported.

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