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Electric vehicle charging business Blink Charging Co. has agreed to acquire SemaConnect Inc., an electric vehicle infrastructure company, for $200 million in cash and stock, according to a statement June 14, confirming a Bloomberg News report.
The acquisition is about a third the size of Blink’s market value. Blink rose 3.7% to $14.76 in early afternoon trading June 14, giving the company a market value of about $631 million. The stock has fallen about 64% in the past year.
Blink, based in Miami Beach, Fla., owns and operates electric vehicle charging equipment. SemaConnect provides electric vehicle infrastructure products in North America.
The acquisition of @SemaConnect and its manufacturing facility in Maryland will allow Blink to comply with the Buy American mandates and to position itself to significantly capitalize on the $7.5 billion Biden Administration #EV infrastructure bill. https://t.co/eyFrnQiEFE $BLNK pic.twitter.com/O2wcPgxKaG
— Blink Charging (@BlinkCharging) June 14, 2022
The transaction will add about 13,000 electric vehicle chargers to Blink, as well as 1,800 site host locations and 150,000 registered electric vehicle driver members.
The deal will help Blink comply with requirements of the Buy American initiative from the Biden administration, said Michael D. Farkas, the company’s founder and CEO. The Buy American program includes $7.5 billion to help place electric vehicle chargers along U.S. highways.
There is a “big hole” with many communities lacking electric charging locations for a growing fleet of EVs, Farkas said. “They all need to charge somewhere,” he said.
Expect to see more deals from Blink as the company seeks to continue growing, Farkas said. “We are a very acquisitive company,” he said.
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