borgwarner: Auto-parts maker BorgWarner to buy Rhombus in latest EV charging deal
The enterprise value of the deal can go up to USD185 million, the company said, adding it would help increase the company's charging presence in North America and expand in Europe.
BorgWarner, which supplies parts to car makers including General Motors Co. and Ford Motor Co., has targeted more revenue from electric vehicles by 2030.
Electric vehicle charging companies are undergoing a sweeping consolidation and revaluation, amid a boost by governments to promote EV sales.
Separately, BorgWarner reported better-than-expected quarterly results on strong demand.
Second-quarter adjusted profit was USD1.05 per share, compared with the average analyst expectation of 85 cents, as per Refinitiv data.
Net sales of USD3.76 billion also beat expectations of about USD3.7 billion.
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