ChargePoint Acquires Volkswagen Backed E-Mobility Company For $294M

Electric vehicle infrastructure company ChargePoint Holdings Inc CHPT has acquired e-mobility provider has·to·be for about $294 million in cash and stock. (1$ = 0.85 €).
Volkswagen AG VLKAF is an investor and a key stakeholder in has·to·be.
The company expects this transaction to close in 2021.
The has·to·be team has 125 employees in Austria and Germany, and 40,000 networked ports, and over 250,000 networked ports through open roaming agreements.
ChargePoint expects to benefit from has·to· be's European market share, especially in Germany, Austria, and Switzerland.
"Our combined assets should position us to accelerate our leadership as electrification continues to take hold across continents," said CEO Pasquale Romano.
The company held $609.8 million in cash and equivalents as of April 30, 2021.
Price action: CHPT shares are trading higher by 2.77% at $24.12 on the last check Tuesday.