EV Technology Group signs agreement to acquire 100% of MOKE International
by CM Staff
The acquisition of MOKE International Limited fits within EV Technology Group’s strategy of acquiring and then electrifying certain brands.
TORONTO — On Jul. 20, EV Technology Group Ltd. announced that it has entered into a definitive agreement with the shareholders of MOKE International to acquire up to 100% of MOKE International Limited. This acquisition adds to EV Technology Group’s brands, and it will try to continue to grow the UK-based company MOKE International, which is now introducing the Electric MOKE to the global market.
Under the terms set out in the Definitive Agreement, the Company shall pay (a) US$31.9 million to certain shareholders of MOKE International in exchange for 53% of the total issued and outstanding common shares that the Company does not currently own, (b) US$21.3 million of outstanding debt of MOKE International owing to certain shareholders and (c) US$2 million to certain management of MOKE International as a transaction bonus.
The Acquisition is expected to close later in the year.
The acquisition of MOKE International Limited fits within EV Technology Group’s strategy of acquiring and then electrifying certain brands. It is intended that this deal will provide EV Technology Group a template for further brand acquisitions.
Wouter Witvoet, CEO of EV Technology Group announced the acquisition on Jul. 20, stating, “The investment in MIL is extremely close to my heart. I first became interested in MOKE International when I tried to rent the vehicle in the South of France – I quickly discovered the joy of driving this vehicle in beautiful locales – but also the commercial opportunity given how high demand was for this iconic brand, relative to supply.
“EV Technology Group’s mission is to revitalize iconic brands and rediscover the joy of motoring in an electric age. This applies brilliantly to MOKE International as it forms the perfect start to EV Technology Group’s strategy to acquire and brands that have a loyal following and substantial brand equity. I am looking forward to helping the business expand as it enters new markets, especially in the USA. MIL has a superb future and EV Technology Group has the capabilities to support it every step of the way.”