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Field Fisher Waterhouse LLP has advised new client EVO Electric on a £5 million corporate venturing deal with global engineering group GKN. The deal includes a £5 million direct investment and the formation of a joint venture with GKN Driveline for the development, manufacture and sale of a new generation of electric motors for cars and vans.
Corporate partner Neil Foster and senior associate Tim Davison led on the deal, which saw GKN invest alongside existing investors. Intellectual property specialists, partner David Naylor and senior associate Emily Parris, advised on the licensing of EVO Electric’s technology to the joint venture. Corporate finance boutique Ascendant also advised EVO Electric.
Neil Foster said: "We are seeing more and more corporate venturing deals of this type in the market, particularly within the technology sector. Our practice is well suited to this market, with a wealth of experience advising on corporate deals for technology businesses. This is our first deal for EVO Electric, which is a fabulous example of British engineering in the automotive sector. It is also a high profile "cleantech" company, which is a very active area for us."
David Latimer, CEO of EVO Electric said: "This alliance with one of the automotive world’s leading 'Tier One' suppliers and a leader in electric-drive axle and transmission technology represents a major break-through for us. It will be pivotal in establishing EVO as a key player in the fast-growing global market for electric drive components."
"Fieldfisher provided clear, professional and robust advice throughout negotiations for our complex, ground breaking transaction. This undoubtedly added significant value for our shareholders and led to a well thought through transaction and clearly defined relationship with our new partners which should endure in the long term."
EVO Electric develops and manufactures advanced electric drive solutions for the automotive sector. Spun out from Imperial College London in 2006 with financial backing from investors including Imperial Innovations, it has established itself as a supplier of high-torque, high-power motors, generators and integrated drive systems to manufacturers including Jaguar Land Rover, Lotus Cars, Nissan and a range of other clients in the automotive, military and marine industries.
GKN Driveline is the world's leading supplier of automotive driveline systems.
Fieldfisher's 31-partner Corporate group advises both domestic and overseas clients on corporate finance transactions ranging from setting up and investing in new ventures to major cross border acquisitions, joint ventures and listings.
For further press information, please contact:
Louise Eckersley, PR Manager, Field Fisher Waterhouse LLP on +44 (0)20 7861 4120