Status: Withdrawn; Abandoned
Acquirer: Voltabox AG (Germany)
Acquired: Navitas Systems, LLC (US)
Value: EUR €37 million (approx. US$43 million)
Industry: Energy; Battery and Electronic Component Manufacturing
On November 14, 2018, Voltabox AG, a German company listed on the Frankfurt Exchange (WKN: A2E4LE) that develops battery systems for electric vehicles and other market segments, announced that it has abandoned its proposed acquisition of Navitas Systems, LLC, based in Illinois. (See Voltabox AG Press Release, Voltabox withdraws from purchase of Navitas, Nov. 14, 2018.) Navitas Systems is “a manufacturer of lithium-ion battery systems for intralogistics, transportation, renewable energy and other applications primarily operating in the USA.” (Voltabox AG Press Release, Management Board of Voltabox decides to acquire all shares in Navitas Systems, June 29, 2018.) In its announcement about abandoning the transaction, Voltabox stated that “[t] he 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 AG Press Release, Voltabox withdraws from purchase of Navitas, Nov. 14, 2018.) Voltabox stated that “the parties assumed that the Committee on Foreign Investment in the United States (CFIUS) procedure would last a maximum of 90 days.” (Id.) Further, in part because the parties did not receive CFIUS approval, “the Voltabox Management Board no longer sees sufficient planning security” to continue with the transaction. (Id.)