- AKKA's longstanding partner Daimler has agreed to transfer full control of the MBtech Group to be renamed AKKA GmbH Co.KGaA.1 to AKKA for an undisclosed amount.
- As part of the agreement, both companies confirm their joint vision and commitment to continue their relationship and to form a strategic partnership for the development of future mobility and electric vehicle systems.
- As a wholly owned subsidiary, AKKA's German Business Unit is able to complete the transition towards a single company and brand.
- Following the clearance by the German Federal Cartel Office on the 30th August 2018, the closing of the operation will occur in the coming days.
Regulatory News:
Changes in user behaviors continue to revolutionize products, product design and production systems in the automotive industry. As a wholly owned subsidiary of the AKKA Group (Paris:AKA), MBtech will continue to offer competitive and forward-thinking solutions to the Daimler Group, as well as attract more customers in the growing marketplace for mobility solutions, even beyond the automotive industry.
Having operated under joint control for the past six years, MBtech has successfully transitioned into AKKA's operating model, ready to embark on the next phase of growth. This includes addressing the wider mobility market by combining MBtech's capabilities with key assets from the AKKA Group, such as its cross-sector digital capabilities, and allows AKKA's Germany Business Unit to complete the integration.
AKKA will deliver all Daimler contracts entrusted to MBtech, and both companies have reaffirmed their commitment to pursue their cooperation in the development of future mobility systems such as, among others, autonomous and electric vehicles.
The accelerating pace of innovation is driving companies to be more flexible and focused on delivering new solutions quickly, a key reason why Daimler and AKKA established MBtech, a former 100% subsidiary of Daimler, as a joint-venture in 2012, pioneering the trend of co-development and collaborative partnership in the industry. With AKKA holding a 65% controlling stake in the company and Daimler the remaining 35% of shares, this partnership has strengthened AKKA's mobility positioning and allowed the company to develop a successful German business operation with a diverse and prestigious client portfolio.
As part of AKKA's one-brand architecture adopted earlier this year to offer a single face to the customer worldwide, MBtech has adopted AKKA Automotive as its operating brand prior to the share-sale agreement and is now established as the Group's Global Automotive Center of Excellence, part of AKKA's Germany business unit.
Maurice Ricci, chairman and CEO of AKKA said: "AKKA and Daimler have pursued a shared vision during our six years of fruitful cooperation through MBtech. I'd like to express my thanks to Daimler for entrusting AKKA the full control of MBtech. This will allow AKKA to consolidate its leadership on the German automotive market and I look forward to continuing the partnership with Daimler in the development of electric vehicles and future mobility systems."
Notes to editors:
The MBtech Group is a globally operating engineering and consultancy service provider for the mobility sector. The company is one of the leading providers of support to manufacturers and suppliers along the entire product development process (design, testing through to series production). MBtech is headquartered in Sindelfingen and employs a workforce of approximately 3,300 internationally.
About AKKA
AKKA ranks as the European leader in engineering consulting and R&D services in the mobility sector. As an innovation accelerator for its clients, AKKA supports leading industry players in the automotive, aerospace, rail and life-sciences sectors throughout the life cycle of their products with cutting edge digital technologies (AI, ADAS, IoT, Big Data, robotics, embedded computing, machine learning, etc.).
Founded 1984, AKKA has a strong entrepreneurial culture and is pursuing is its fast-paced growth and international development in line with its strategic plan CLEAR 2022. With 16,300 employees in 29 countries, who are passionate about technology and dedicated to advancing the future of industry, the Group recorded revenues of €1.3 billion in 2017.
AKKA is listed on Euronext Paris Segment B ISIN code: FR0004180537.
For more information, please visit www.akka-technologies.com
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1 MBtech has already adopted AKKA Automotive as its commercial brand earlier this year to address the market. The legal entity's name will be changed to: AKKA GmbH Co.KGaA
View source version on businesswire.com: https://www.businesswire.com/news/home/20180830005620/en/
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