Smith Electric Vehicles U.S. Offers to Buy U.K. Business
KANSAS CITY, MO - Smith Electric Vehicles U.S. Corp. said it has made a conditional offer to buy the Smith Electric Vehicles business based in the U.K. from Tanfield Group Plc.
The offer is conditional upon successful financing by Smith U.S. and shareholder approvals on the part of Tanfield. The board of Tanfield has granted Smith U.S. a four-month period of exclusivity.
In connection with the purchase of the Smith U.K. Division, the transaction includes the purchase of all of the Smith U.S. common stock currently held by Tanfield, the license agreement between Tanfield and Smith U.S., and the intellectual property necessary to allow the combined businesses to operate globally.
Smith U.S. has retained Jefferies & Company Inc. as its advisor on the transaction.
"Once completed, this transaction will create a unified entity that will be well positioned globally for growth in the rapidly expanding electric commercial vehicle market," said Bryan Hansel, CEO of Smith U.S.
Smith U.S., headquartered in Kansas City, Missouri, is a privately held company owned by private investors, senior management and Tanfield. Tanfield is the parent company of the Smith U.K. Division, a leading manufacturer of zero-emissions battery-electric commercial vehicles in Europe since the 1920s.