ABB Ltd acquired InCharge Energy, Inc. for $134 million (cash outflow, net of cash acquired) for a 60% controlling interest, a transaction completed in January 2022, structured as cash (stock purchase agreement, 60% control).
InCharge Energy, Inc. operates in E-mobility / commercial EV charging (US), is based in Santa Monica, California, United States. InCharge Energy, headquartered in Santa Monica, California, provides turn-key commercial electric-vehicle charging hardware and software. On January 26, 2022, ABB increased its ownership to a 60 percent controlling interest through a stock purchase agreement, a cash outflow of $134 million net of cash acquired, per its FY2023 Form 20-F; a put/call agreement covers the remaining 40 percent through 2027.
The acquisition expanded the market presence of ABB's E-mobility segment, particularly in the North American commercial EV-charging market.
Advisory firms were not disclosed for this transaction.