Bushveld Consortium plans takeover of Enerox GmbH
CellCube Energy Storage Systems Inc. has signed a term sheet setting out the main terms and conditions with a consortium of investors led by Bushveld Energy that would acquire the entire issued share capital of Enerox GmbH from CellCube Energy Storage Systems Inc.
The Bushveld Consortium has been granted exclusivity until the end of February 2020 to complete due diligence and negotiate definitive acquisition documents. The transaction will, if completed, see the Bushveld Consortium acquire the entire issued share capital of Enerox GmbH from the seller for a total sum of EUR11 million (US$12.11 million), and a working capital financing for Enerox of EUR1.5 million (US$1.65 million). The transaction is structured in three parts.
Cellcube will ensure that Enerox is debt free at transaction closure.
Country updates
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