NaaS Technology Acquires Sweden-Based Charge Amps For $66.4M

Chinese EV charging company NaaS Technology Inc NAAS has entered into a definitive agreement to acquire 100% of the issued and outstanding shares of Charge Amps AB.

The consideration for the acquisition, which values Charge Amps at an equity value of about SEK 724 million ($66.4 million), will be a combination of cash and newly issued ordinary shares of the company. 

Charge Amps is an integrated EV charging solutions provider headquartered in Sweden, offering a full suite of EV charging hardware and charge point management systems.

“We are very optimistic about the prospects of EV penetration in Europe and the overall charging service capacity,” said Co-founder, President and CFO Alex Wu. 

NaaS held $78.8 million in cash and equivalents as of March 31, 2023.

Price Action: NAAS shares are trading higher by 0.78% at $6.43 on the last check Tuesday.