DGAP-News: Compleo Charging Solutions AG / Key word(s): Takeover/Letter of Intent
Compleo negotiates acquisition of innogy eMobility Solutions GmbH with E.ON
Exclusive negotiations commenced on the purchase of former innogy SE's European e-mobility business
Dortmund, July 16, 2021 - Compleo Charging Solutions AG ("Compleo"), a leading provider of charging solutions for electric vehicles, has concluded a Term Sheet with E.ON SE for the acquisition of 100 percent of the shares in innogy eMobility Solutions GmbH. The subject of the agreement includes the European activities of the technology provider innogy eMobility Solutions GmbH, which generated revenue of approximately EUR 20 million in the first half of 2021. Both the charge point operator and charging solutions business remaining with E.ON SE and the US activities of innogy eMobility Solutions GmbH are excluded from the agreement. As part of the agreed exclusivity, Compleo is currently assessing whether the investment is beneficial to Compleo's shareholders.
innogy eMobility Solutions GmbH had been transferred to E.ON in the course of the innogy takeover and develops and produces its own hardware and software for charging electric vehicles. The approach of in-house development and production differs significantly from the E.ON Group's strategy in the e-mobility sector, which focuses strongly on integrated customer solutions. Both parties are aiming for a possible signing of the contract based on extensive due diligence during the third quarter of 2021 and a closing of the transaction during the fourth quarter of 2021. The underlying enterprise value is in the mid double-digit million-euro range. The purchase price would be paid both in Compleo's own shares and through cash components. Whether and, if so, on what terms the conclusion of a purchase agreement regarding innogy's European e-mobility business between E.ON SE and Compleo will come about will depend on the further course of negotiations.
"We are confident about the prospect of growing together with a very experienced and long-standing market player such as innogy eMobility Solutions GmbH," said Georg Griesemann, Co-CEO of Compleo Charging Solutions AG. "We value the company's employees as proven experts in the technological field as well as in the European e-mobility market." Besides the workforce, Compleo also intends to acquire all customer relationships of innogy eMobility Solutions GmbH. Following the acquisition of wallbe GmbH in the spring, the combination involving another strong player such as innogy eMobility Solutions GmbH serves the goal of expanding Compleo to become the German e-mobility champion in Europe. "With our organic and inorganic growth, we are investing in our future as German driver of e-mobility in Europe and optimizing our international market position," Griesemann added.
About innogy eMobility Solutions GmbH:
Compleo Charging Solutions AG
16.07.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Compleo Charging Solutions AG
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