Akasol and BorgWarner signs agreement to merge

The strategic partnership gives Akasol the opportunity to lever BorgWarner’s global business platform, thus facilitating its ambitious growth strategy within the e-mobility field and further strengthening its market position for battery systems. Under the partnership, Akasol will continue to operate independently under the Akasol brand. The Executive Board led by CEO Sven Schulz and CFO Carsten Bovenschen as well as the other founders will continue to run the company. Furthermore, with the Business Combination Agreement, Akasol and BorgWarner agreed on important cornerstones of the partnership that secure the interests of customers and employees of Akasol. Following signing of the Business Combination Agreement, Blitz F21-842 AG published a decision to make a voluntary public tender offer to the shareholders of Akasol offering EUR 120.00 per Akasol share. Sven Schulz and the other founders of the German company, representing 59.4% percent of shares in Akasol, have signed irrevocable undertakings to tender their shares. The offer will be subject to a minimum acceptance threshold of 50% plus one share and the fulfilment of further customary conditions, including regulatory clearances. "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. After more than 12 years of successful and independent business development as the main shareholder and CEO of AKASOL, I am convinced that this is the right next step for a very promising future of our company, so together with the other founders I have decided to offer my shares to BorgWarner at the offer price, as a clear signal of confidence in their attractive offer and strategic partnership" says Sven Schulz, CEO of Akasol in a press release.