Wallbox acquires operations and assets of ABL for EUR15M

Wallbox announced the purchase of the operations and assets of ABL for approximately EUR15M. ABL is a pioneer in EV charging solutions in Germany, the largest EV market in Europe with more than two million EVs on the road. Wallbox and ABL have a combined number of over 1 million EV chargers installed worldwide. Wallbox will benefit from reduced operational risk through reduced Capex and R&D spend, plus leveraging ABL’s in-house component manufacturing. This transaction enhances the scale and financial performance of Wallbox by immediately adding substantial sales and improving future earnings as Wallbox utilizes ABL’s existing technology and highly efficient workforce. Wallbox will pay approximately EUR15M for the operations and assets of ABL, which includes two automated manufacturing locations in Germany and Morocco, inventory, intellectual property, brands, and certifications. EUR10M of this consideration will be paid at closing, and the remaining EUR5M payment will occur in 2024. There is no assumption of liabilities or debt by Wallbox. This transaction coincides with Wallbox’s recent announcement of an additional EUR35M of long-term debt raised at attractive rates, further strengthening its balance sheet. As a result, ABL is expected to drive incremental sales between EUR60M-EUR75M and be accretive on an adjusted EBITDA basis in 2024. The company expects to capture attractive commercial and operational synergies that will accelerate and amplify its goal of achieving positive adjusted EBITDA in 2024 at the consolidated level. The transaction is subject to approval by process administration, but is not subject to regulatory approvals. It is expected to close within the Q4.