Blink Charging Expands Footprint Via This $200M Acquisition - What's The Benefit - Blink Charging (NASDAQ:BLNK)

Blink Charging Co. BLNK has agreed to acquire SemaConnect, Inc., a provider of EV charging infrastructure solutions in North America, for $200 million in cash and common stock.
This transaction adds nearly 13,000 EV chargers to Blink's existing footprint, 3,800 site host locations, and more than 150,000 registered EV driver members.
The acquisition further solidifies Blink's position through complete vertical integration of the supply chain, engineering, and in-house manufacturing capabilities of more than 10,000 EV chargers today and scaling to 50,000 per year.
In-house manufacturing and U.S.-based assembly bring Blink in compliance with the Biden Administration Buy American initiatives.
"SemaConnect has a robust hardware product line-up which complements Blink's extensive software product offerings. This includes our multi-language and multi-currency network, allowing Blink to have an EV charging station for any location across more than 20 countries and expanding," stated Michael D. Farkas, Founder, and CEO of Blink Charging.
As of March 31, 2022, Blink's cash and equivalents totaled $161.9 million.
Mahi Reddy from SemaConnect is expected to join the Blink Board.
Price Action: BLNK shares are trading higher by 2.39% at $14.58 on the last check Tuesday.
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Blink Charging Expands Footprint Via This $200M Acquisition - What's The Benefit