Smith Electric Vehicles U.S. Corporation has made a conditional offer to buy the Smith Electric Vehicles business based in the U.K. from Tanfield Group Plc. The offer is conditional upon successful financing by Smith U.S. and shareholder approvals on the part of Tanfield. The board of Tanfield has granted Smith U.S. a four-month period of exclusivity.
In connection with the purchase of the Smith UK Division, the transaction includes the purchase of all of the Smith U.S. common stock currently held by Tanfield, as well as the License Agreement by and between Tanfield and Smith U.S., and the intellectual property necessary to allow the combined businesses to operate globally. Smith U.S. has retained Jefferies & Company, Inc. as its advisor on the transaction.
"Once completed, this transaction will create a unified entity that will be well positioned globally for growth in the rapidly expanding electric commercial vehicle market,” said Bryan Hansel, CEO of Smith U.S. “We believe this combination will create operational efficiencies and market synergies that will help Smith continue its strong sales momentum and cost reductions.”
Smith U.S., headquartered in Kansas City, Missouri, is a privately held company owned by private investors, senior management and Tanfield. Tanfield is the parent company of the Smith U.K. Division.