Announced
Financials
Sources
Tags
Public
Single Bidder
power solutions
Acquisition
control solutions
Pending
Friendly
Merger
Electronic Equipment: Control and Filter
United Kingdom
Synopsis
Sevcon Inc., a world leader in the design and manufacture of controls and battery chargers for zero emission electric and hybrid vehicles, today announced that it has entered into a definitive merger agreement with BorgWarner Inc. that provides for BorgWarner to acquire all of the outstanding shares of Sevcon’s common stock for $22.00 per share in cash and all of the outstanding shares of Sevcon’s Series A Convertible Preferred Stock for a price per share on an as-converted basis equal to the common stock, together with payment of any accrued and unpaid dividends. The total transaction value, including the assumption of indebtedness, is expected to be approximately $200m at the closing of the transaction.
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