eVehicle Technology
EV Technology Group, announces today that it has entered into a definitive agreement with the shareholders of MOKE International to acquire up to 100% of MOKE International Limited (“MIL”), its first purchase of a major iconic brand. This strategically crucial acquisition adds to EV Technology Group’s house of iconic brands, and it will continue to grow the UK-based company MOKE International, which is now introducing the Electric MOKE to the global market.
Under the terms set out in the Definitive Agreement, the Company shall pay (a) US$31.9 million to certain shareholders of MOKE International in exchange for 53% of the total issued and outstanding common shares that the Company does not currently own (the “Purchased Shares”), (b) US$21.3 million of outstanding debt of MOKE International owing to certain shareholders and (c) US$2 million to certain management of MOKE International as a transaction bonus (together, the “Acquisition”). The Company also entered into an Option Deed agreement with the MIL Shareholders which provides the Company the option, for 24 months from the date of closing, to acquire all the remaining shares of MIL at an equity value of US$120 million, subject to certain adjustments (the “Option”). The completion of the Acquisition and the Option and are subject to customary closing conditions, including any related financing, due diligence and approvals by the NEO Exchange. No finder fees are payable in connection with, and no change of control of the Company will result from the Acquisition. There can be no assurances that the Acquisition or the exercise of the Option will be completed as proposed, or at all.
The Acquisition is expected to close later in the year.
The acquisition of MOKE International Limited fits within EV Technology Group’s strategy of acquiring and then electrifying iconic brands. It is intended that this deal will provide EV Technology Group a template for further brand acquisitions and demonstrates how the capabilities of the Group can act as a catalyst for helping other brands to electrify their offerings and go to market. The seasoned executive team from MOKE International will join EV Technology Group. MIL’s executives bring with them a wealth of automotive experience in executive roles at Rolls-Royce, Jaguar Land Rover, BMW and McLaren.
MOKE International announced their plan to be one of the first owners of a heritage marque to electrify their offering. This plan will revive an iconic vehicle that first appeared in 1964 and became closely associated with the swinging sixties, with many famed celebrities being pictured behind the wheel of a MOKE in exclusive Caribbean and French locations, such as Brigitte Bardot, James Bond, and the Beatles . During its lifetime, nearly 50,000 MOKE vehicles have been sold to a global market that includes the USA, Europe, UK, Caribbean, Australia and New Zealand.
The new Electric MOKE is already winning a new generation of followers and is quickly building a long waiting list in France and the UK, via the Hendy dealership representing UK sales, and the purpose built ‘Casa MOKE’ Flagship store in Saint-Tropez operated by MOKE France. EV Technology Group wholly-own the MOKE France subsidiary, and deliveries to the South of France have already commenced. MOKE France has already generated Electric MOKE orders worth over half a million Euros in total value following the initial opening of pilot sales. EV Technology Group will soon widen its sales offering across Europe and in the USA.
Wouter Witvoet, CEO of EV Technology Group announced the acquisition today, stating, “The investment in MIL is extremely close to my heart. I first became interested in MOKE International when I tried to rent the vehicle in the South of France – I quickly discovered the joy of driving this vehicle in beautiful locales – but also the commercial opportunity given how high demand was for this iconic brand, relative to supply.
“EV Technology Group’s mission is to revitalise iconic brands and rediscover the joy of motoring in an electric age. This applies brilliantly to MOKE International as it forms the perfect start to EV Technology Group’s strategy to acquire and brands that have a loyal following and substantial brand equity. I am looking forward to helping the business expand as it enters new markets, especially in the USA. MIL has a superb future and EV Technology Group has the capabilities to support it every step of the way.”
Isobel Dando, CEO of MOKE International stated “I am proud and excited that MOKE International is becoming part of the EV Technology Group. It is the perfect Company to take our rapidly growing business to the next level with the right balance of expertise, investment, and ambition. EV Technology Group’s in-house engineering and manufacturing expertise, and customer-centric technologies will also be invaluable to us as we continue to develop the Electric MOKE and more pioneering products. I am also looking forward to working closely with Wouter and the entire EV Technology Group leadership team to further develop MOKE International and further exciting brands to come.”
