BWA - BorgWarner backed Romeo Systems to go public via SPAC (RMG Acquisition) deal

BorgWarner ([[BWA]] -0.9%) +1.4% AH, backed California-based Romeo Systems, maker of EV batteries, is in advanced talks to go public through a merger with blank-check company RMG Acquisition ([[RMG]] +8.0%) +3% AH, Bloomberg reported as cited by close sources.Combined company's equity value is estimated to be ~$1.4B and a deal could be announced as soon as Monday, as per Bloomberg's report.In 2019, BorgWarner announced that it would take a 20% stake in battery module and pack supplier Romeo Power for an undisclosed amount.Carrying out business as Romeo Power Technology, led by Founder and Chairman Michael Patterson and CEO Lionel Selwood, it supplies batteries to EV maker Nikola.

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BorgWarner backed Romeo Systems to go public via SPAC (RMG Acquisition) deal