EV Technology Group Signs Definitive Agreement to Acquire up to 100% of MOKE International to Rapidly Expand the Iconic British Brand
- EV Technology Group has agreed to acquire a further 50% of MOKE International
- The transaction is valued at US$55.1 million
- EV Technology Group’s resultant shareholding of MOKE International will be ~67.6% following the Acquisition and will maintain an option to acquire the remaining shares of MOKE International, up to 100%
- The MOKE brand is a global icon, established in 1964 with historical sales of approximately 50,000 vehicles
- The MOKE is an iconic car, first made famous by the likes of James Bond and Brigitte Bardot, and became popular in destinations including the South of France, Australia, and the Caribbean. It is an ideal investment for EV Technology Group as one of the first historic marques to electrify
- MOKE International’s seasoned executive team join the Group, with experience from Rolls-Royce, Jaguar, Land Rover, BMW and McLaren
- MOKE International recently launched the Electric MOKE
- Deliveries of the Electric MOKE have begun, with a rapidly growing waiting list
- The Acquisition, related transactions and EV Technology Group’s expertise in electrifying iconic brands and a mission to create and redefine the joy of motoring in the electric age will allow MOKE International to rapidly expand into global markets
TORONTO, July 20, 2022 (GLOBE NEWSWIRE) — EV Technology Group Ltd. (the “Company” or “EV Technology Group”) (NEO: EVTG) (OTCQB: EVTGF) (DE: B96A) announces today that it has entered into a definitive agreement (the “Definitive Agreement”) with the shareholders of MOKE International (the “MIL Shareholders”) to acquire up to 100% of MOKE International Limited (“MIL”), its first purchase of a major iconic brand. This strategically crucial acquisition adds to EV Technology Group’s house of iconic brands, and it will continue to grow the UK-based company MOKE International, which is now introducing the Electric MOKE to the global market.
Under the terms set out in the Definitive Agreement, the Company shall pay (a) US$31.9 million to certain shareholders of MOKE International in exchange for 53% of the total issued and outstanding common shares that the Company does not currently own (the “Purchased Shares”), (b) US$21.3 million of outstanding debt of MOKE International owing to certain shareholders and (c) US$2 million to certain management of MOKE International as a transaction bonus (together, the “Acquisition”). The Company also entered into an Option Deed agreement with the MIL Shareholders which provides the Company the option, for 24 months from the date of closing, to acquire all the remaining shares of MIL at an equity value of US$120 million, subject to certain adjustments (the “Option”). The completion of the Acquisition and the Option and are subject to customary closing conditions, including any related financing, due diligence and approvals by the NEO Exchange. No finder fees are payable in connection with, and no change of control of the Company will result from the Acquisition. There can be no assurances that the Acquisition or the exercise of the Option will be completed as proposed, or at all.
The Acquisition is expected to close later in the year.
The acquisition of MOKE International Limited fits within EV Technology Group’s strategy of acquiring and then electrifying iconic brands. It is intended that this deal will provide EV Technology Group a template for further brand acquisitions and demonstrates how the capabilities of the Group can act as a catalyst for helping other brands to electrify their offerings and go to market. The seasoned executive team from MOKE International will join EV Technology Group. MIL’s executives bring with them a wealth of automotive experience in executive roles at Rolls-Royce, Jaguar Land Rover, BMW and McLaren.
MOKE International announced their plan to be one of the first owners of a heritage marque to electrify their offering. This plan will revive an iconic vehicle that first appeared in 1964 and became closely associated with the swinging sixties, with many famed celebrities being pictured behind the wheel of a MOKE in exclusive Caribbean and French locations, such as Brigitte Bardot, James Bond, and the Beatles . During its lifetime, nearly 50,000 MOKE vehicles have been sold to a global market that includes the USA, Europe, UK, Caribbean, Australia and New Zealand.
The new Electric MOKE is already winning a new generation of followers and is quickly building a long waiting list in France and the UK, via the Hendy dealership representing UK sales, and the purpose built ‘Casa MOKE’ Flagship store in Saint-Tropez operated by MOKE France. EV Technology Group wholly-own the MOKE France subsidiary, and deliveries to the South of France have already commenced. MOKE France has already generated Electric MOKE orders worth over half a million Euros in total value following the initial opening of pilot sales. EV Technology Group will soon widen its sales offering across Europe and in the USA.
Wouter Witvoet, CEO of EV Technology Group announced the acquisition today, stating, “The investment in MIL is extremely close to my heart. I first became interested in MOKE International when I tried to rent the vehicle in the South of France – I quickly discovered the joy of driving this vehicle in beautiful locales – but also the commercial opportunity given how high demand was for this iconic brand, relative to supply.
“EV Technology Group’s mission is to revitalise iconic brands and rediscover the joy of motoring in an electric age. This applies brilliantly to MOKE International as it forms the perfect start to EV Technology Group’s strategy to acquire and brands that have a loyal following and substantial brand equity. I am looking forward to helping the business expand as it enters new markets, especially in the USA. MIL has a superb future and EV Technology Group has the capabilities to support it every step of the way.”
Isobel Dando, CEO of MOKE International stated “I am proud and excited that MOKE International is becoming part of the EV Technology Group. It is the perfect Company to take our rapidly growing business to the next level with the right balance of expertise, investment, and ambition. EV Technology Group’s in-house engineering and manufacturing expertise, and customer-centric technologies will also be invaluable to us as we continue to develop the Electric MOKE and more pioneering products. I am also looking forward to working closely with Wouter and the entire EV Technology Group leadership team to further develop MOKE International and further exciting brands to come.”
About EV Technology Group
EV Technology Group was founded in 2021 with the vision to electrify iconic brands – and the mission to redefine the joy of motoring for the electric age. By acquiring iconic brands and bringing beloved motoring experiences to the electric age, EV Technology Group is driving the EV revolution forward. Backed by a diversified team of passionate entrepreneurs, engineers and driving enthusiasts, EV Technology Group creates value for its customers by owning the total customer experience — acquiring and partnering with iconic brands with significant growth potential in unique markets, and controlling end-to-end capabilities. To learn more visit: https://evtgroup.com/
About MOKE International
MOKE and the MOKE logo are trademarks or registered trademarks of MOKE International Limited (“MOKE International”) in the European Union and other territories. MOKE International, a company registered in England, is the only manufacturer of genuine MOKE vehicles worldwide. The mark was acquired from Casti S.p.A. and derives from the original 1964 British Motor Corporation registration. MOKE France is the official French licensee. For more information visit: https://mokeinternational.com
EV Technology Group
CEO and Chairman of the Board
This news release contains forward-looking statements including, but not limited to: the Definitive Agreement, the Acquisition, the Option Deed and the Option, the terms of such transaction, closing conditions and regulatory approval and EV Technology Group’s plans, operations, expectations, and future actions. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements, including those factors discussed under “Risk Factors” in the Annual Information Form of the Company. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The forward-looking statements contained herein are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except where required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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