BorgWarner acquires SSE in accordance with the provisions of an equity transfer agreement in order to improve its fast-charging capabilities globally.
Acquisition of Hubei SSE charging Business
According to an equity transfer agreement signed by BorgWarner Inc. (NYSE: BWA) and Hubei Surpass Sun Electric (SSE), BorgWarner has agreed to purchase SSE’s businesses for electric vehicle solutions, the smart grid, and smart energy. Up to RMB 410 million could be spent on the transaction. Out of which, delivery of RMB 267 million would be done shortly after closing. The company can make Contingent payments of RMB 143 million about two years after the closing.
By adding a presence in China, the acquisition complements BorgWarner’s existing European and North American charging footprint. It leverages the company’s global capabilities in quality, engineering, supply chain, manufacturing, and sales. It will also support continued growth in the DC Fast Charging Market. It’s anticipated that BorgWarner‘s current electrification and charging capabilities in Europe and North America will complement SSE’s skills in China. The deal is subject to SSE shareholder approval and completion of standard closing conditions. So, the closing is anticipated in the first quarter of 2023.
About Surpass Sun Electric
An established high-tech group firm, Surpass Sun Electric (SSE), has its headquarters in Shanghai, a factory in Hubei, China, and branch offices in Australia and the Netherlands. Since its founding in 1997, SSE has created and supplied a wide range of dependable, market-leading goods. SSE is committed to providing the market with the greatest products and solutions while adopting an ecologically friendly philosophy to benefit clients worldwide. Also, SSE has overseen the engineering, procurement, and construction (EPC) of more than 250 charging station sites. It has produced over 50,000 charging stations.
Also Read:
