BorgWarner to acquire charging business of Hubei Surpass Sun Electric for RMB410M

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• BorgWarner (NYSE:BWA) has agreed to acquire the Electric Vehicle Solution, Smart Grid and Smart Energy businesses of Hubei Surpass Sun Electric at an enterprise value of up to RMB410M.
• Approximately RMB267M would be delivered at or soon after closing and up to RMB143M in the form of contingent payments over approximately two years following the closing.
• The transaction is expected to close in 1Q23.
• The acquisition will complement company's existing capabilities in Europe and North America.
• SSE's 2022 revenues for the electrification business are expected to be approximately RMB180M.
• "This transaction makes good business sense as we continue to bolster our fast-charging capabilities globally," said Frédéric Lissalde, President and CEO of BorgWarner. "SSE will bring enhanced offerings while supporting Charging Forward, our strategy to accelerate our growth in electrification. We look forward to welcoming their talented team to BorgWarner."