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In a strategic move to broaden its product range, KG Mobility Corporation, a leading South Korean vehicle manufacturer, has announced the acquisition of Edison Motors Co. Ltd., an electric bus manufacturer, under court-led debt rescheduling. This move, approved by the local court in Changwon, South Gyeongsang Province, enables KG Mobility to diversify its portfolio to include trucks and buses.
KG Mobility revealed its takeover bid for Edison Motors on Monday, July 3. The company said it will work on boosting its commercial vehicle portfolio through the deal.
As per The Korea Herald, the selection of KG Mobility as the local court in Changwon, South Gyeongsang Province, approved the final candidate. With this development, Edison Motors can now complete the firm's rehabilitation process after submitting a debt recovery plan and securing an agreement from its creditors.
"We will expand the product lineup to (include) small to midsized trucks and buses to overcome the current lineup limited to large electric buses," the company said in a statement. "We will transform Edison Motors into a fully commercial vehicle company by strengthening cooperation in the sectors of research and development and purchasing sources, improving profitability through increased efficiency, and bolstering sales through global market expansion."
Since January of this year, Edison Motors has been under the court-led debt rescheduling program, and in April, a bankruptcy court in Changwon chose KG Mobility as a preferred bidder. Now everything has fallen into place, and the acquisition process will begin.
Meanwhile, Yonhap News Agency reported that it was in March when KG Mobility forwarded its letter of intent (LOI) to purchase Edison Motors. Preliminary due diligence immediately followed in early April. The company also submitted its investment proposal to the bankruptcy court that is managing the debt restructuring of the collapsed electric bus maker, and now it was confirmed as the final candidate to acquire Edison Motors.
Photo by: KG Mobility Website
