BorgWarner and AKASOL have signed an agreement to position BorgWarner to expand its commercial vehicle electrification capabilities. As part of the agreement, a subsidiary of BorgWarner will pay €120 per share in cash for all outstanding shares of AKASOL.
Headquartered in Darmstadt, Germany, AKASOL designs and manufactures customizable battery packs for buses, commercial vehicles, rail vehicles and industrial vehicles, as well as for ships and boats.
“AKASOL is an excellent strategic fit as BorgWarner seeks to continue to expand its electrification portfolio and capitalize on the profound industry shift towards electrification,” said BorgWarner CEO Frédéric Lissalde. “AKASOL’s manufacturing footprint and established, in-production customer base are complementary to BorgWarner’s and would accelerate our foothold into the fast-growing commercial vehicle and off-highway battery pack market.”