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EV Technology Group to Acquire Up to 100% of Fablink Group.

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Vincent

MANews-(C)2009-2022

Canada-based electric vehicle technology development and commercialization company EV Technology Group (NEO: EVTG) (OTCQB: EVTGF) (DE: B96A) has entered into a definitive agreement to acquire British Tier 1 supplier and specialist manufacturer Fablink Group Holdings Ltd, the group said.

The transaction is valued at up to GBP 38.8m (USD 47.18m) with GBP 29.5m to be paid in cash for 76% of Fablink and Fablink will have an option to sell the remaining 24% of Fablink for GBP 9.3m in common shares of the company.

Since it was founded over 14 years ago, Fablink has built up a position as a Tier 1 supplier to the automotive, transport and off-highway sectors, counting leading global OEMs in its customer base.

Fablink Group is known for the supply of pressings and complex welded structures, cab assemblies, lightweight bonded aluminium chassis and structures, mixed material architectures, as well as niche and lower volume build for automotive and e-mobility brands.

The acquisition includes all seven Fablink manufacturing sites across the UK, and Streamline Automotive, a new division of Fablink Group that provides specialist low and medium volume electric vehicle manufacturers with turnkey clean build vehicle assembly capabilities.

It is already the manufacturing partner of Moke International, a company that has recently agreed to join EV Technology Group's house of brands with the signing of a...

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