Ideanomics Plans To Boost Stake In Energica Motor

Ideanomics Inc IDEX plans to launch a voluntary conditional tender offer for Energica Motor Company S.p.A. shares to increase its investment to ~70%. Deal terms were not disclosed.
Ideanomics continues to expand its global footprint in the electric vehicle industry with its investments in the Italian electric motorcycle maker Energica.
The Energica Founders shall continue to own 29% of Energica.
Energica nearly doubled its sales in 2020, and the first half of 2021 has been strong, with the firm receiving a significant order to date. This performance fuels a swift expansion in the European market and Asia, the Middle East, and Africa.
"The two-wheeler electric market is poised for significant growth, and we couldn't be more excited about the synergies between Ideanomics and Energica that will allow us to be a prime player in this space," commented Shane McMahon, Executive Chairman of Ideanomics.
Price Action: IDEX shares are trading higher by 1.40% at $2.17 during the premarket session on Wednesday.