CENN - Cenntro Electric acquires majority interest in Tropos Motors Europe for Euro3.25M

Cenntro Electric (NASDAQ:CENN) signs agreement with Europe's automotive logistics and service provider Mosolf SE & Co. to acquire 65% equity interest in its subsidiary Tropos Motors Europe. Tropos Motors has been a private label channel partner and one of the largest customers of Cenntro since 2019. The transaction comes at consideration of €3.25M and assumes 100% of a shareholder loan from Mosolf to Tropos Motors for €11.9M. Cenntro said this acquisition will expand its assembly capabilities and distribution network in EMEA and adds a strategic customer network in Europe.  This will see Tropos Motors to assemble and distribute the full line of Cenntro's products for the European market, including the Metro, the Logistar series and the Neibor series for last mile on-demand delivery and related services. “This acquisition will accelerate Cenntro’s expansion within EMEA (Europe, Middle East and Africa) and represents a significant step in the Company’s growth strategy to be a leading provider of electric commercial

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Cenntro Electric acquires majority interest in Tropos Motors Europe for €3.25M