paragon sells its stake in Voltabox
paragon GmbH & Co. KGaA has carried out its previously announced sale of it share in Voltabox AG. The company's 49% stake in Voltabox will go to two different investors.
28% of its block of shares are going to strategic investor Trionity Invest GmbH, who also gets the option to additionally buy further about 2% from paragon; around 21% are bought by Swiss financial investor EW-Trade AG. The sales contracts were signed independently on November 12, 2021 and the parties have agreed not to disclose the terms of the transactions, a press release reads. "With the sale of our investment in Voltabox AG, paragon will now be able to fully concentrate on the automotive market again," says Klaus Dieter Frers, founder and CEO of paragon. "With its new anchor shareholders, Voltabox will be able to accelerate its focus on industrial applications." Trionity Invest GmbH is part of the Triathlon group. Triathlon develops and produces batteries for industrial application. The new anchor investor is going to actively support the company's ongoing restructure. Because of Trionity's decision to initially buy just a 28% share in Voltabox, paragon has resolved to sell the further 21% to the Swiss financial investor EW-Trade AG, who had expressed interest in a noncontrolling interest at a very early stage. Once the transactions are closed, which is planned short-term, paragon GmbH & Co. KGaA has still a 2% stake into Voltabox AG; Trionity owns a call-option for this stake. As previously reported, paragon will be taking over the automotive business of Voltabox, including its employees and an exclusive license for the Flow-Shape-Design-technology for use in cars, trucks, two-wheelers and aerospace as part of the sale of its block of shares. paragon is planning to significantly expand its Delbrück based new business unit Power. The completion of this sale is still subject to the approval of the Voltabox Supervisory Board.