Administrators from professional services firm Alvarez & Marsal sold the UK business and assets to a new entity, ‘Volta Commercial Vehicles Ltd’, supported by a hedge fund of Luxor Capital Group.

According to the terms of the asset purchase agreement between the two companies, Phoenix Motor will acquire the ‘Proterra Transit’ business assets for a sum of USD10m.

The acquisition, through its US subsidiary Komatsu America Corporation, will allow the Japanese company to develop and produce a full range of battery-powered vehicles and machinery in-house, starting with mining vehicles for the North and South American markets.

In a statement dated 29 November, Tevva announced that both parties have “mutually determined that it is in their best interests to privately and amicably resolve any legal disputes concerning the merger agreement.”

Brunner’s primary product lines include brake shoes and s-cams. In a statement, Hendrickson said that all 325 Brunner employees have been absorbed by the company, whilst the Brunner brand has been retained and will operate as a division of Hendrickson Brake and Wheel End. 

The deal includes the Proterra development centre for battery modules and packs in California and an assembly factory in South Carolina. Whilst details remain sparse at this point, the deal is expected to close in early 2024 and remains subject to the approval of the U.S. Bankruptcy Court.

Following approval of the transaction by competition authorities, Berger will benefit from access to the Schmitz distribution network and associated services, including connectivity through the ‘TrailerConnect’ platform.

The American manufacturer also stated its intention to “explore all legal recourse available” in connection with Tevva’s alleged breaches of the agreement.

The purchase will enlarge WEG's turnover and global reach substantially. The net operating revenue of these businesses in 2022 was approximately BRA 2.8 billion (USD541.5m), with an adjusted EBITDA margin of 9.5%.

Cummins said the acquisition would secure long-term access to the technology and facilities required by Cummins Emissions Solutions to meet the demand for low-emission products.

Since 2010, Mauri Bus System has represented Otokar and sold its vehicles in Italy.

The assets include production lines for battery pack assembly, battery testing and validation equipment, computer numerical control equipment, and module enclosure production.