- 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.
