BorgWarner, a global leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles, has announced a definitive agreement for acquiring UK headquartered Sevcon, a global player in electrification technologies at an approximate deal of $200 million (Rs 1,263 crore).
Sevcon develops and manufactures high and low voltage controllers, DC/DC inverters, battery chargers, accessories as well customised products. The acquisition will complement BorgWarner's power electronics capabilities utilised to provide electrified propulsion solutions.
"This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric. We look forward to welcoming Sevcon's talented employees to BorgWarner," said James Verrier, president and CEO, BorgWarner.
The completion of the acquisition will be subjected to certain terms and conditions, including the approval of Sevcon's stockholders and receipt of required competition law approval. The transaction is expected to close in the fourth quarter of 2017 subject to the satisfaction of closing conditions.
It is noteworthy that Sevcon had acquired Italy-based Bassi, a leading company, that designed and manufactured battery chargers for electric vehicles in 2016.