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    BorgWarner signs Equity Transfer Agreement with Hubei Surpass Sun Electric

    September 21, 2022 - Auto Business News


      (c)2005 - Electronic News Publishing -

      BorgWarner Inc. (NYSE: BWA), a United States-based automotive supplier, has signed an Equity Transfer Agreement with China-based Hubei Surpass Sun Electric (SSE), a company that manufactures electric motors.

      Under the Equity Transfer Agreement, BorgWarner has agreed to acquire SSE's Electric Vehicle Solution, Smart Grid and Smart Energy businesses.

      The deal has an enterprise value of up to RMB410m, of which around RMB267m is to be delivered at or soon after closing. The company is paying up to RMB143m that is likely to be paid in the form of contingent payments over approximately two years subsequent to the closing. The deal is subject to satisfaction of customary closing conditions and SSE shareholder approval. It is likely to be completed in the first quarter of 2023.


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