Workhorse and Motiv merge in
Workhorse Group Inc., a leading provider of technology-enabled logistics and delivery solutions, and Motiv Power Systems, a leading provider of electric powertrains for medium-duty and heavy-duty vehicles, announced today that they have entered into a definitive agreement to merge in an all-stock transaction.
Under the terms of the merger agreement, Workhorse shareholders will own approximately 88% of the combined company, while Motiv shareholders will own approximately 12%. The combined company will be named Workhorse. The transaction is expected to close in the second quarter of 2023, subject to regulatory approvals and other customary closing conditions.
The merger is expected to create a leading provider of electric vehicles and technology-enabled logistics and delivery solutions, with a combined market value of approximately $1.9 billion. The combined company will have a diverse portfolio of products and services, including:
- Workhorse's portfolio of electric vehicles, including the C-100 and W-15, as well as its logistics and delivery solutions
- Motiv's electric powertrains for medium-duty and heavy-duty vehicles
- A comprehensive suite of software and technology solutions for fleet management, routing, and logistics optimization
Upon closing, Robert W. Lutron, Workhorse's CEO, will become CEO of the combined company. Steve Burns, Motiv's CEO, will serve as President of the combined company. The combined company will be headquartered in Loveland, Ohio, and will continue to operate with a strong focus on innovation, customer satisfaction, and sustainability.
"This merger represents a significant milestone in our journey to create a leading provider of electric vehicles and technology-enabled logistics and delivery solutions," said Robert Lutron, CEO of Workhorse. "By combining our strengths in electric vehicles, logistics, and technology, we will be well-positioned to capture a larger share of the growing electric vehicle market and continue to drive innovation in the industry."
The combined company will have a strong financial profile, with a combined market value of approximately $1.9 billion and a diversified revenue stream across multiple segments. The company will continue to focus on innovation, customer satisfaction, and sustainability, and will pursue a range of growth initiatives, including:
- Expanding its portfolio of electric vehicles and powertrains
- Investing in software and technology solutions for fleet management and logistics optimization
- Pursuing strategic partnerships and collaborations to drive growth and innovation
"We believe that this merger represents a compelling opportunity for our shareholders, employees, and customers," said Steve Burns, CEO of Motiv. "By combining our strengths, we will be able to drive growth, innovation, and customer satisfaction, while also reducing costs and improving our financial performance."
Resumen de la fusión
La fusión entre Workhorse y Motiv creará un líder en la industria de vehículos eléctricos y soluciones de logística y entrega. La combinación de productos y servicios de Workhorse y Motiv creará una empresa con una amplia gama de soluciones para los clientes, incluyendo vehículos eléctricos, sistemas de software y tecnología de gestión de flotas.
La fusión también se espera que genere una fuerte presencia financiera, con una valoración de mercado combinada de aproximadamente $1,9 mil millones y una diversificación de la recaudación de ingresos a través de múltiples segmentos.
La empresa seguirá enfocándose en la innovación, la satisfacción del cliente y la sostenibilidad, y perseguirá una serie de iniciativas de crecimiento, incluyendo la expansión de su portfolio de vehículos eléctricos y sistemas de potencia, la inversión en soluciones de software y tecnología de gestión de flotas y la búsqueda de colaboraciones estratégicas.
La fusión es esperada que se complete en el segundo trimestre de 2023, sujetos a aprobaciones regulatorias y otras condiciones habituales de cierre.
La fusión es un paso importante en el camino de Workhorse para crear un líder en la industria de vehículos eléctricos y soluciones de logística y entrega.
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