Sevcon shareholders approve $200M sale
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Sevcon manufactures parts for electric vehicles, such as this electric truck.
Southborough manufacturer Sevcon has announced its stockholders have approved the company’s $200-million sale to Michigan auto parts supplier BorgWarner.
The company, a global maker and supplier of power solutions for electric and hybrid vehicles, said on Friday more than 99 percent of the company’s common stock holders voted in favor of the deal.
The acquisition is expected to be finalized by Wednesday.
According to a Sevcon press release, BorgWarner will acquire all of the outstanding shares of Sevcon’s common stock for $22 per share, and all of the outstanding shares of the company’s Series A convertible preferred stock for a price per share on an as-converted basis equal to the common stock at $66.
In a statement, Sevcon President and CEO Matt Boyle said the merger will allow shareholders the chance to maximize growth investments and capitalize on greater opportunities now they’re part of a much larger organization.
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