DANA acquires Prestolite E-Propulsion Systems (Beijing) Limited (PEPS)
The deal at a glance
DANA acquired Prestolite E-Propulsion Systems (Beijing) Limited (PEPS) for $95 million total consideration ($50 million cash at closing plus $45 million fair value of previously held equity interest), a transaction completed in June 2019, structured as all cash (step acquisition to control).
Prestolite E-Propulsion Systems (Beijing) Limited (PEPS) operates in Commercial Vehicle, is based in Beijing, China. Prestolite Electric Beijing Limited's (PEBL) 50% ownership interest in PEPS, which manufactures and distributes electric mobility solutions including electric motors, inverters, and generators for commercial vehicles and heavy machinery. Combined with Dana's existing interest through its TM4 subsidiary, the purchase gave Dana 100% ownership and a controlling financial interest. PEPS operates a state-of-the-art facility in China.
PEPS has a state-of-the-art facility in China, enabling us to expand motor and inverter manufacturing capabilities in the world's largest electric-mobility market. The acquisition of PEBL's interest in PEPS, along with our existing ownership interest in PEPS through our TM4 subsidiary, provides us with a 100% ownership interest and a controlling financial interest in PEPS.
Full control of EV motor/inverter manufacturing in the world's largest electric-mobility market. Consolidated Dana's China EV motor and inverter manufacturing under full ownership Commercial Vehicle operating segment
No advisory firms have been disclosed for this transaction.