Volvo to Buy Battery Business From Proterra for $210 Million
By Dominic Chopping
STOCKHOLM--Volvo will buy the battery business from Proterra and Proterra Operating Company for $210 million as it seeks to complement and accelerate its battery-electric portfolio.
Proterra and Proterra Operating Company are in a voluntary Chapter 11 bankruptcy process in the U.S. and Volvo has been selected as the buyer via an auction process, it said Friday.
The assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina.
Closing is expected in early 2024 and will be subject to approval by the bankruptcy court as well as merger clearance and certain other conditions.
The transaction has no material impact on the Volvo's financial performance, it added.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 10, 2023 02:39 ET (07:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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