September 21 (SeeNews) - US powertrain components manufacturer BorgWarner Inc (NYSE:BWA) has agreed to acquire the charging business of Chinese electric motors maker Hubei Surpass Sun Electric (SSE) in a deal with an enterprise value of about RMB 410 million (USD 58.4m/EUR 58.5m).
The US firm will be buying the electric vehicle solution, smart grid and smart energy businesses of SSE for RMB 267 million to be paid at or soon after closing. Additionally, up to RMB 143 million could be paid in the form of contingent payments over around two years post-close.
Headquartered in Xiangyang, Hubei, SSE's electrification business supplies patented electric vehicle charging solutions to customers in China and more than 70 other countries. SSE has delivered over 50,000 charging points and has led the engineering, procurement, and construction (EPC) of more than 250 charging station sites.
The acquisition complements BorgWarner’s existing European and North American charging footprint by adding China presence, the US buyer noted in the press release.
(RMB 10 = USD 1.424/EUR 1.428)