- Dalian CBAK Power Battery Co., a wholly-owned subsidiary of CBAK Energy Technology (NASDAQ:CBAT), has announced a framework agreement to acquire majority stake in lithium-ion battery material supplier Zhejiang Meidu Hitrans Lithium Battery Technology Co.
- CBAK Power will take 81.56% of the equity interests in Hitrans currently held by Hitrans' management shareholders and Zhejiang Meidu Graphene Technology Co. for a total consideration of ~$24.50M.
- CBAK Energy expects to further strengthen its supply chain and competitiveness in the high-power lithium battery market through the deal.
- Subject to certain closing conditions, the transaction is expected to close in Q321.