Ideanomics IDEX shares are trading higher after the company announced it has entered into an agreement to acquire VIA Motors International in an all-stock transaction for a 100-percent ownership stake.
VIA Motors will manufacture electric commercial vehicles including Class 2 through Class 5 cargo vans, trucks, and buses. The company is also working with an autonomous technology company to provide electrification of autonomous trucks for short-haul and mid-mile delivery, according to the press release.
"This acquisition is aligned with our long-term strategy and provides us an immediate leadership position in a rapidly growing market and yet another path to accelerate EV adoption and Ideanomics' market share. said Ideanomics Chief Executive Officer Alf Poor.
The agreement values VIA at $450 million. VIA shareholders are eligible for potential earnout consideration of up to $180 million.
At last check, Ideanomics was trading 5.46% higher at $2.415 per share. The stock has a 52-week high of $5.53 and a 52-week low of $0.8.
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