DGAP-News: paragon Signs Contracts for Sale of Stake in Voltabox
DGAP-News: paragon GmbH & Co. KGaA
/ Key word(s): Disposal
paragon Signs Contracts for Sale of Stake in Voltabox
- 49% stake in Voltabox AG goes to two different investors
- Strategic investor Trionity acquires 28%
- Closing expected shortly
Delbrück, Germany, November 15, 2021 - paragon GmbH & Co. KGaA [ISIN DE0005558696] has carried out the previously announced over-the-counter sale of its former 51% share in Voltabox AG. 28% of its block of shares are going to strategic investor Trionity Invest GmbH, who gets the option to additionally buy further about 2% from paragon; around 21% are bought by Swiss financial investor EW-Trade AG. The corresponding sales contracts were signed independently of each other on November 12, 2021. The parties have agreed not to disclose the terms of the transactions.
"With the sale of our investment in Voltabox AG, paragon will now be able to fully concentrate on the automotive market again," says Klaus Dieter Frers, founder and CEO of paragon. "With its new anchor shareholders, Voltabox will be able to accelerate its focus on industrial applications."
Trionity Invest GmbH is part of the Triathlon group. Triathlon develops and produces batteries for industrial application. The new anchor investor is going to actively support the company's ongoing restructure.
Because of Trionity's decision to initially buy just a 28% share in Voltabox, paragon has resolved to sell the further 21% to the Swiss financial investor EW-Trade AG, who had expressed interest in a noncontrolling interest at a very early stage.
Once the transactions are closed, which is planned short-term, paragon GmbH & Co. KGaA has still a 2% stake into Voltabox AG; Trionity owns a call-option for this stake. Due to their personal connections to paragon, the members of Voltabox AG's Supervisory Board, Klaus Dieter Frers, Hermann Börnemeier and Walter Schäfers, will promptly resign their mandates.
As previously announced, paragon will be taking over the automotive business of Voltabox AG, including its employees and an exclusive license for the Flow-Shape-Design-technology for use in cars, trucks, two-wheelers and aerospace as part of the sale of its block of shares. paragon is planning to significantly expand its Delbrück based new business unit Power. The completion of this sale is still subject to the approval of the Voltabox AG Supervisory Board.
About paragon GmbH & Co. KGaA
Capital Market & Press Contact
|Company:||paragon GmbH & Co. KGaA|
|Phone:||+49 (0)5250 97 62 - 0|
|Fax:||+49 (0)5250 97 62 - 60|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1248864|
|End of News||DGAP News Service|