Transaction highlights:
- EV Technology Group has agreed to acquire another 50% of MOKE International
- The transaction amount is US $ 55.1 million
- The EV Technology Group’s stake in MOKE International will be approximately 67.6% after the acquisition, leaving the option to acquire up to 100% of the remaining shares in MOKE International.
- The MOKE brand was founded in 1964 and is a global icon that has sold about 50,000 vehicles in the past.
- The MOKE is a symbolic car that was first made famous by James Bond and Brigitte Bardot and became popular in destinations such as Southern France, Australia and the Caribbean Sea. This is an ideal investment for the EV Technology Group as one of the first historic markets to be electrified.
- MOKE International’s veteran executive team with experience in Rolls-Royce, Jaguar, Land Rover, BMW and McLaren has joined the group.
- MOKE International recently launched Electric MOKE
- Delivery of Electric Moke has started, and the waiting list has increased rapidly.
- With the EV Technology Group’s expertise in acquisitions, related transactions, and the electrification of iconic brands, and its mission to create and redefine the joy of automobiles in the electric age, MOKE International can rapidly expand into the global market. ..
Toronto, July 20, 2022 (GLOBE NEWSWIRE)-EV Technology Group Ltd. (“Company” Also “EV Technology Group(NEO: EVTG) (EVTGF) (DE: B96A) today announced that it has signed a formal contract (“Decisive agreement“) MOKE International Shareholders (“MIL shareholders”) Acquire up to 100% of MOKE International Limited (“”MIL”), The first purchase of a major iconic brand. This strategically significant acquisition has been added to the EV Technology Group’s iconic brand home and will continue to grow the UK-based company MOKE International, which is now introducing Electric MOKE to the global market.
The Company shall pay US $ 31.9 million to certain shareholders of MOKE International in exchange for (a) 53% of the total number of issued common shares not currently owned by the Company under the terms set forth in this Agreement. increase.Purchased stock”), (B) MOKE International’s US $ 21.3 million outstanding debt to specific shareholders, and (c) US $ 2 million to MOKE International’s specific management as a trading bonus (together).Get“). We also enter into an option certificate agreement with MIL shareholders and give us the option to acquire all remaining shares of MIL at a share value of US $ 120 million for 24 months from the closing date, subject to certain adjustments. providing. (“”option“). Completion of acquisitions and options is subject to normal termination conditions such as relevant funding, due diligence and approval by the NEO Exchange. You do not have to pay a finder fee in connection with the acquisition and the acquisition does not change control of the company. There is no guarantee that the acquisition or exercise of an option will be completed as proposed or not at all.
The acquisition is expected to be completed by the end of the year.
The acquisition of MOKE International Limited fits in with the EV Technology Group’s strategy of acquiring and then electrifying iconic brands. The deal provides the EV Technology Group with a template for further brand acquisitions and shows how the group’s capabilities can act as catalysts to help other brands electrify and market their products. Is aimed at. MOKE International’s veteran executive team joins the EV Technology Group. MIL executives bring a wealth of automotive experience as executives at Rolls-Royce, Jaguar Land Rover, BMW and McLaren.
MOKE International has announced plans to become one of the first heritage brand owners to electrify its offerings. The plan revives the iconic vehicle that first appeared in 1964 and became closely associated with Swinging Sixties. Brigitte Bardot, James Bond, The Beatles. During its lifetime, nearly 50,000 MOKE vehicles were sold to global markets, including the United States, Europe, the United Kingdom, the Caribbean, Australia and New Zealand.
The new Electric MOKE has already gained a new generation of followers and is quickly building a long waiting list in France and the UK through Hendy dealers representing UK sales and a dedicated “Casa MOKE” flagship store in Saint-Tropez. .. MOKE France. EV Technology Group owns a wholly owned subsidiary of MOKE France and delivery to Southern France has already begun. MOKE France has already generated electric MOKE orders totaling over € 500,000 since the initial launch of pilot sales. The EV Technology Group will soon expand sales throughout Europe and the United States.
Wouter Witvoet, CEO of EV Technology Group Today, we announced the acquisition, stating: “The investment in MIL is very close to my heart. When I tried to rent a car in Southern France, I was first interested in MOKE International. Of driving this car in a beautiful place I quickly discovered the joy, and given the high demand for this iconic brand, there was also a commercial opportunity.
“The mission of the EV Technology Group is to revitalize iconic brands and rediscover the fun of cars in the electric age. This is true for MOKE International. This is the acquisition strategy of EV Technology Group. And to form the perfect start for a brand with loyal support and substantial brand equity. We look forward to helping MIL grow its business, especially as we enter new markets in the United States. Has a great future and the EV Technology Group has the ability to support it at every stage. “
Isobel Dando, CEO of MOKE International, said: “We are proud and excited that MOKE International is part of the EV Technology Group. The right balance of expertise, investment and ambition is perfect for taking a fast-growing business to the next level. The EV Technology Group’s in-house engineering and manufacturing expertise, as well as customer-centric technology, are also invaluable to us as we continue to develop Electric MOKE and more pioneering products. We look forward to working closely with the entire Technology Group leadership team to further develop MOKE International and develop even more exciting brands in the future. “
About EV Technology Group
The EV Technology Group was founded in 2021 with the vision of electrifying iconic brands and the mission of redefining the joy of driving a car for the era of electricity. The EV Technology Group is driving the EV revolution by acquiring an iconic brand and bringing a beloved car experience to the electric era. Backed by a diverse team of passionate entrepreneurs, engineers and driving enthusiasts, the EV Technology Group has acquired and partnered with iconic brands with great growth potential in their own markets to end. Bringing value to your customers by owning a comprehensive customer experience of two-end management. function. For more information, please visit https://evtgroup.com/.
About MOKE International
MOKE and the MOKE logo are trademarks or registered trademarks of MOKE International Limited (“MOKE International”) in the European Union and other regions. MOKE International, a company registered in the United Kingdom, is the only manufacturer of genuine MOKE vehicles in the world. The mark was obtained from CastiSpA and is derived from the first registration of British Motor Corporation in 1964. MOKE France is the official French licensee. For more information, please visit https://mokeinternational.com.
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Rachel D’amore
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Investor public relations
Dave Gentry
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+14074914498
EV Technology Group
Wouter Witvoet
CEO and Chairman of the Board
[email protected]
Information about the future outlook
This news release includes final agreements, acquisitions, option certificates and options, terms and conditions of such transactions, termination terms and regulatory approvals, EV Technology Group plans, operations, expectations, and future actions. Often, but not always, these forward-looking statements are “estimated,” “potential,” “open,” “future,” “assumed,” “forecast,” “used,” and “detailed.” , “Done”, “Acquired”, “Planned”, “Reflect”, “Do”, “Include”, “Remain”, “Yes”, or Event, “Done” or “Should” A statement or similar expression that is achieved and contains negative variations.
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