Voltabox AG / Key word(s): Mergers & Acquisitions
Voltabox withdraws from purchase of Navitas
Delbrück, November 14, 2018 - Voltabox AG [ISIN DE000A2E4LE9], together with its US subsidiary Voltabox of Texas, Inc., makes use of its contractually agreed right of termination and withdraws from the purchase of Navitas Systems, LLC ("Navitas") with immediate effect. The main decisive factors for this are the fact that, contrary to Voltabox's expectations, the transaction has not yet been approved by the Committee on Foreign Investment in the United States (CFIUS) and that Navitas has not developed in line with Voltabox's expectations.
Voltabox previously announced the entry into an agreement to purchase Navitas through its subsidiary Voltabox of Texas, Inc. on June 29th for the equivalent of 37 million euros (43 million dollars). At the time, the parties assumed that the Committee on Foreign Investment in the United States (CFIUS) procedure would last a maximum of 90 days. Most recently, Voltabox expected to receive approval on November 13th so that the transaction could have been completed in November.
Since the repeatedly prospective approval did not take place at yesterday's CFIUS meeting again, the Voltabox Management Board no longer sees sufficient planning security in this respect. In addition, the economic development of Navitas since the conclusion of the purchase agreement has not followed the course expected by Voltabox at the time of the announcement of the acquisition.
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|End of Announcement||DGAP News Service|