GKN Driveline, an automotive driveline systems and services supplier is set to expand into electric motors in the form of a joint venture with EVO Electric, an electric drive developer for the automotive sector.
Round-up of today’s M&A deals
GKN Driveline, an automotive driveline systems and services supplier is set to expand into electric motors in the form of a joint venture with EVO Electric, an electric drive developer for the automotive sector.
The new business will be known as GKN EVO eDrive Systems, and will manufacture and sell axial flux electric motors and drive systems for use in hybrid and all-electric vehicles. GKN EVO eDrive Systems aims to capture a share of the growing market for hybrid and electric vehicle systems.
In addition to the joint venture, GKN will also acquire 25.1 per cent of EVO Electric. Financing for GKN comes from a combination of debt and equity together with engineering and commercial resources to facilitate the establishment and growth of the joint venture. The total value of GKN’s investment is £5 million in cash.
Headquartered in the UK, the joint venture will leverage technology and expertise in hybrid, plug-in hybrid and electric drivetrains from both partners.
‘This strategic addition will enhance GKN Driveline’s ability to meet its customers’ needs in drivetrain electrification. It is aligned with our strategy of supporting vehicle manufacturers as they search for fuel savings and reduced CO2 emissions through hybrid and electric drive vehicles,’ says Nigel Stein, CEO of GKN Driveline.
Round-up of today’s M&A deals
- FreshTL acquires the entire issued share capital of Mobile Safety Solutions
Value: undisclosed
Advisers: PLUS Adviser & broker
- AstraZeneca is to sell off its Swedish Astra Tech business to DENTSPLY
Value: £1.8 billion
Advisers: JPMorgan Chase & Co. Morgan Stanley, Skadden Arps Slate Meagher & Flom
- Taiwan regulators rejects private equity fund Kohlberg Kravis Roberts & Co’s joint management buyout of component maker Yageo Corp
Value: £1 billion
Advisers: UBS
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- ZAGG has bought the privately held mobile device accessories company iFrogz
Value: £65.1 million
Advisers: undisclosed
Read more
