Cenntro Electric Takes 65% Interest In Tropos Motors Europe

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  • EV technology company Cenntro Electric Group Ltd 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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