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DEUTZ AG
M&A Activity • Sep 27, 2017
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M&A Activity
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News Details
Ad-hoc | 27 September 2017 18:10
DEUTZ AG acquires Torqeedo GmbH
DEUTZ AG / Key word(s): Takeover
DEUTZ AG acquires Torqeedo GmbH
27-Sep-2017 / 18:10 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DEUTZ AG acquires Torqeedo GmbH
Cologne/Gilching, 27 September 2017 . Today, DEUTZ AG signed a deal to acquire 100 per cent of the shares in Torqeedo GmbH, based near Munich. The transaction will take effect on 1 October 2017.
As part of its E-DEUTZ strategy, DEUTZ AG intends to extend its operations to include the development and manufacture of hybrid and all-electric system solutions for off-highway applications. The acquisition of Torqeedo GmbH forms the nucleus of the E-DEUTZ strategy and will speed up the development of hybrid and electric drives at DEUTZ and enable the Company to launch them in its current core markets sooner. The E-DEUTZ strategy and this transaction will strengthen DEUTZ’s expertise in innovative drive technologies.
DEUTZ will initially invest around EUR100 million in the E-DEUTZ strategy, the majority of which will be spent on the acquisition of Torqeedo with its strong expertise in electric drives and system integration. The investment will be financed from available cash. DEUTZ will consolidate Torqeedo from 1 October 2017 and will continue to operate its rapidly growing electric motors business under the established brand.
Contact:
Christian Krupp
Head of Finance, Investor & Public Relations
Tel.: +49 (0)221 822-5400
Fax: +49 (0)221 822-15-5401
E-Mail: [email protected]
27-Sep-2017 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| Language: | English |
| Company: | DEUTZ AG |
| Ottostraße 1 | |
| 51149 Köln (Porz-Eil) | |
| Germany | |
| Phone: | +49 (0)221 822 0 |
| Fax: | +49 (0)221 822 3525 |
| E-mail: | [email protected] |
| Internet: | www.deutz.com |
| ISIN: | DE0006305006 |
| WKN: | 630500 |
| Indices: | SDAX |
| Listed: | Regulated Market in Dusseldorf, Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of Announcement | DGAP News Service |