Dallas-based Blackboxstocks Inc., a financial technology and social media hybrid platform, has agreed to buy U.K.-based Evtec Aluminum Ltd. in a deal that should close early next year.
Blackboxstocks offers real-time proprietary analytics for stock and options traders.
“This is a great transaction that delivers outstanding value for Blackbox stockholders. Not only will our stockholders retain the current value of the Blackbox operations via a contingent value right, but they’ll also receive a significant interest in Evtec’s operations going forward,” Blackbox CEO Gust Kepler said in a statement. “As a subsidiary of the parent company, Blackbox’s fintech operations will continue to create and provide innovative tools and analytics for traders. We look forward to completing the transaction in Q1 2024 and delivering maximum value to our shareholders.”
Evtec is a supplier of proprietary mission-critical parts for the electric vehicle, hybrid, performance and luxury OEM automotive markets to brands including JLR (formerly Jaguar Land Rover), Aston Martin, Ford, Bentley, and auto suppliers including Dana, American Axle, and Cox Powertrain, among others.
Blackbox said that Evtec Chairman David Roberts, a 40-year veteran of the global automotive market and a UK Export Ambassador, leads a team of seasoned executives with decades of experience at the company.
After the deal closes, Blackbox and Evtec Aluminum common stockholders will own 26.7% and 73.3% of the estimated 12 million common shares outstanding post-merger, respectively. Blackbox said it plans to acquire the remaining 87% of Evtec Automotive in Q1 of 2024.
Evtec Automotive’s inclusion in the merger would result in Blackbox shareholders retaining 9.5% of the combined companies, the companies said.
Operations and leadership
Evtec said it has record order demand in its pipeline with approximately $778 million in existing orders scheduled for delivery beginning in March. The order book has increased by roughly $430 million over the past eight months and is expected to increase by at least an additional $150 million by March.
Evtec said its strategy includes both organic growth and growth via acquisition. Evtec’s acquisition targets include companies with strong order books for mostly single sourced parts at attractive valuations.
Current Blackbox operations will be moved into a new subsidiary prior to the closing of the merger, the company said.
Roberts will assume the roles of chairman and CEO of the parent company after the deal closes and Kepler will continue to serve as the CEO of the Blackbox fintech operations and Robert Winspear will remain a director and CFO of the parent company.
Evtec will appoint three new independent directors to the company’s board.
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