June 1 (SeeNews) - South Africa-based energy storage products manufacturer Metair Investments said on Friday it has submitted an indicative non-binding offer to acquire Slovenian car battery producer Tovarna Akumulatorskih Baterij (TAB).
Metair is in exclusive discussions regarding the potential transaction, for which the indicative purchase consideration is 300 million euro ($350.7 million), the South African company said in a filing with the Johannesburg Stock Exchange.
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The potential transaction is still in its early stages and is subject to a number of conditions, Metair securing the required financial and shareholder support and other conditions customary to a deal of this nature, such as regulatory and shareholder approvals, the company said.
The probable date of completion of the transaction is uncertain and, if successfully concluded, the acquisition would likely only occur during the final quarter of 2018, according to the filing.
Metair has identified TAB as a scarce strategic asset as it has a strong global presence in the industrial batteries segment and provides a platform to secure its European after-market distribution network, the South African company added.
TAB comprises after-market automotive battery manufacturing facilities in Slovenia and Macedonia, an automotive after-market battery distribution network throughout Europe as well as a global industrial battery business and an energy storage business.
($ = 0.855439 euro)