Benzinga | Jul 20, 2021 10:22AM EDT

ChargePoint Acquires Volkswagen Backed E-Mobility Company For $294M

* Electric vehicle infrastructure company ChargePoint Holdings Inc (NYSE:CHPT) has acquired e-mobility provider has*to*be for about $294 million in cash and stock. (1$ = 0.85 (euro)).

* Volkswagen AG (OTC:VLKAF) is an investor and a key stakeholder in has*to*be.

* The company expects this transaction to close in 2021.

* The has*to*be team has 125 employees in Austria and Germany, and 40,000 networked ports, and over 250,000 networked ports through open roaming agreements.

* ChargePoint expects to benefit from has*to* be's European market share, especially in Germany, Austria, and Switzerland.

* "Our combined assets should position us to accelerate our leadership as electrification continues to take hold across continents," said CEO Pasquale Romano.

* The company held $609.8 million in cash and equivalents as of April 30, 2021.

* Price action: CHPT shares are trading higher by 2.77% at $24.12 on the last check Tuesday.