RTTNews | Feb 15, 2021 07:25AM EST

07:24 Monday, February 15, 2021 (RTTNews.com) - BorgWarner Inc. (BWA) Monday announced an agreement to acquire the German developer and manufacturer of high-energy and high-performance lithium-ion battery systems Akasol AG. The provider of clean and efficient technology solutions for combustion, hybrid and electric vehicles said its wholly-owned subsidiary will launch a voluntary public takeover offer at 120 euros per share in cash for all outstanding shares of Akasol.

The offer has a total enterprise value of approximately 754 million euros. The offer represents a premium of around 23 percent to Akasol's three-month share price. BorgWarner has already secured commitments for around 59 of all outstanding shares of AKASOL via irrevocable undertakings, including from an entity controlled by Schulz.The Offer is expected to be completed late in the second quarter of 2021.

BorgWarner said the acquisition would strengthen its commercial vehicle and off-highway battery systems business as it is on an electrification strategy.

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