- Volvo Cars and Northvolt AB signed a share purchase agreement for NOVO Energy AB.
- The transaction requires approval from the US Bankruptcy Court and Sweden's Inspectorate of Strategic Products.
- A framework agreement explores future collaboration in North America.
- The transaction will not affect Volvo Cars' planned investments or cash flow.
Share Purchase Agreement
Volvo Cars and Northvolt AB have entered into a share purchase agreement concerning Northvolt's shares in NOVO Energy AB. This agreement will result in Volvo Cars acquiring full ownership of NOVO Energy AB, pending necessary approvals from relevant authorities.
Regulatory Approvals
The transaction is subject to clearance from the United States Bankruptcy Court for the Southern District of Texas and the Inspectorate of Strategic Products in Sweden. Both parties are responsible for meeting the agreed prerequisites, and the transaction will be finalized once all conditions are satisfied.
Framework Agreement
In addition to the share purchase agreement, Volvo Cars and Northvolt AB have signed a framework agreement. This agreement aims to explore potential future collaboration between the two companies, particularly focusing on supply opportunities in North America.
Financial Impact
The acquisition of NOVO Energy is not expected to impact Volvo Cars' other planned investments or ambitions regarding cash flow. Upon completion of the transaction, there will be no outstanding claims between the companies.
