BorgWarner Inc has completed the tender offer for shares of Akasol AG, resulting in BorgWarner owning 89.08% of Akasol’s outstanding shares. With this, Akasol becomes a majority-owned subsidiary of BorgWarner.
Akasol, which is headquartered in Darmstadt, Germany, will be run independently. The acquisition further strengthens BorgWarner’s commercial vehicle and industrial electrification capabilities, which positions the company to capitalise on what it believes to be a fast-growing battery pack market.
“We are excited to add Akasol’s innovative products, capabilities and team to BorgWarner as we advance our plan to grow our electric vehicle businesses to approximately 45% of total revenues by 2030 under Project Charging Forward,” said Frederic Lissalde, President and CEO of BorgWarner. “Our companies share a commitment to delivering innovative, environmentally friendly solutions to our global customers, and together, we’ll be even better positioned to do just that.”