PTA-News: iQ International AG: iQ International has signed a Stock Purchase Agreement for the acquisition of Tecnova S.A.

Tuesday, 29. December 2020 11:20

Business news for the stock market

Zug/Switzerland - 29 December 2020 (pta012/29.12.2020/11:20) - iQ International AG (ISIN CH0451424300 / WKN A2PAA5 / Symbol IQL), a multinational sustainable technologies company publicly traded at the General Standard of the Frankfurt Stock Exchange with its global head office in Zug, Switzerland and North American headquarters in Scottsdale, Arizona, announced today that the company has signed a share purchase agreement to acquire Tecnova S.A. The transaction is subject to approval by the relevant authorities.

On December 28, 2020, iQ International and the stockholders of Tecnova S.A. signed a Share Purchase Agreement pursuant to which iQ International will acquire all of the stock of Tecnova S.A. The South American battery manufacturer Tecnova S.A. was founded in 1962 and is headquartered in Guayaquil, Ecuador (www.boschecuador.com). iQ International is acquiring Tecnova S.A. as part of its strategy to vertically integrate its technologies into established manufacturing facilities, and ultimately offer a global supply platform to its customers.

iQ International sees the lead-acid battery infrastructure as unique in its ability to deliver and recover nearly 100% of the units produced, which makes it ideal for the commercialization of future technologies. The Company has a leading IP position in technologies for the battery industry, which dramatically improves the performance of the battery while significantly reducing the carbon footprint of incumbent manufacturing and recycling assets. iQ International's IP portfolio is providing the Company an ability to leverage the existing industry infrastructure and address historical inefficiencies in the supply chain. Following governmental approvals and iQ International completing its institutional financing, the acquisition is expected to be completed in February 2021.

"Tecnova is an incredible organization with great leadership and long-standing relationships with companies like Bosch and GM. We are fortunate to be entrusted with the legacy of this highly respected second-generation business, and we look forward to continued collaboration with the Von Campe family as we adopt their best practices across iQ's multiple manufacturing sites," said Kevin T. Loman, CEO - iQ International AG.

Tecnova is a well-known battery manufacturer and distributor of Bosch-branded batteries and a distributor of Bosch automotive aftermarket parts in Ecuador and other South American countries. It is anticipated that Tecnova's manufacturing output will expand dramatically under iQ International's tutelage and with its portfolio of technologies.

Clemens von Campe, the son of the founder of Tecnova and the current chairman, said "I am delighted to sell Tecnova to iQ as that will preserve and enhance my family's legacy. As Tecnova expands, it will add a significant number of new jobs in Guayaquil and Quito."

"We are delighted to add Tecnova and its entire management team to our worldwide operations. The company represents the ideal situation where iQ can leverage its unique value addition within a well-established operation," said Kevin T. Loman, CEO of iQ International AG.

Tecnova S.A. was represented by Versailles Group, Ltd., a Boston-based investment bank that specializes in international mergers, acquisitions, and divestitures. The firm was founded in 1987. www.versaillesgroup.com.

iQ International AG
iQ International AG is a multinational sustainable technologies company listed at the General Standard of the Frankfurt Stock Exchange. The Company licenses parts of its IP portfolio, and manufactures/distributes highly efficient lead-acid batteries that meet the increased need for cycle life in today's global automotive and storage markets. Its Advanced Battery Factory (ABF) technologies together with the award-winning innovative 360 Mixing battery technology is used to create superior, long-lasting, OEM-approved Starting-Lighting-Ignition (SLI) batteries in a cheaper, faster, and cleaner fashion versus current industry leaders. Batteries with iQ International AG technologies are designed to generate better performance in today's highly electrified vehicles, particularly vehicles with the Start-Stop function. The Company's technologies have the potential to reduce the carbon footprint of the transportation industry, helping car makers meet the emissions reduction mandates, as well as manufacture develop and recycle a battery at a significantly emissions reduced level than the current industry leaders. - For more information, visit www.iqint.com

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emitter: iQ International AG
address: Landis + Gyr Strasse 1, 6300 Zug
country: Switzerland
contact person: Eva Reuter
phone: +41 41 768 03 63
e-mail: ereuter@dr-reuter.eu
website: www.iqinternational.com

ISIN(s): CH0451424300 (share)
stock exchanges: regulated market in Frankfurt; open market in Berlin

[ source: http://www.pressetext.com/news/20201229012 ]

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