Fintech company Ideanomics revealed on Monday that it’s pursuing the acquisition of VIA Motors International Inc in an all-stock deal worth approximately $630 million. As part of the deal, Ideanomics will be offering 62 million shares to shareholders of VIA Motors International, with the latter entity expected to own 25% of the new enterprise.
Following the acquisition, VIA Motors Chief Executive Officer Bob Purcell is expected to retain his leadership role within the company. VIA Motors is also expected to act as a separate business unit, with Purcell due to report to Ideanomics’ Chief Executive Alf Poor.
Founded in 2010, VIA Motors is an electric vehicle development and manufacturing company. The Orem, Utah-based company got its start by converting GM vehicles into plug-in hybrids but now focuses on the manufacture of fully electric commercial vehicles.
A financial technology company, Ideanomics’ Mobile Energy Global unit assists commercial fleet operators in the acquisition of electric vehicles.
This acquisition will assist Ideanomics in taking full advantage of the current boom of the global EV market.
