EV technology company Cenntro Electric Group Ltd (NASDAQ: CENN) has agreed to acquire an equity interest in Mosolf SE & Co KG's subsidiary Tropos Motors Europe GmbH (TME). Mosolf is an automotive logistics and service provider in Europe.
The company will acquire 65% equity interest in TME for €3.25 million and assume 100% of a shareholder loan from Mosolf to TME of €11.9 million.
TME has been a private label channel partner and a customer of Cenntro since 2019.
TME will assemble and distribute the full line of Cenntro's products for the European market.
TME has a distribution network of 50 dealers in Germany and 13 importers in Europe across sixteen countries as of February 28, 2022.
The company expects the transaction to close in March 2022.
The acquisition expands Cenntro's assembly capabilities and distribution network in EMEA and adds a strategic customer network in Europe.
Price Action: CENN shares are trading higher by 3.33% at $1.24 on the last check Monday.
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