Pérez Bustamante & Ponce and Carmigniani Pérez Abogados advised on the transaction
iQ International and the stockholders of Tecnova S.A. signed a Share Purchase Agreement pursuant to which iQ International will acquire all of the stock of Tecnova S.A. The South American battery manufacturer Tecnova S.A. was founded in 1962 and is headquartered in Guayaquil, Ecuador (www.boschecuador.com). iQ International is acquiring Tecnova S.A. as part of its strategy to vertically integrate its technologies into established manufacturing facilities, and ultimately offer a global supply platform to its customers.
iQ International sees the lead-acid battery infrastructure as unique in its ability to deliver and recover nearly 100% of the units produced, which makes it ideal for the commercialization of future technologies. The Company has a leading IP position in technologies for the battery industry, which dramatically improves the performance of the battery while significantly reducing the carbon footprint of incumbent manufacturing and recycling assets. iQ International’s IP portfolio is providing the Company an ability to leverage the existing industry infrastructure and address historical inefficiencies in the supply chain. Following governmental approvals and iQ International completing its institutional financing, the acquisition is expected to be completed in February 2021.
Tecnova is a well-known battery manufacturer and distributor of Bosch-branded batteries and a distributor of Bosch automotive aftermarket parts in Ecuador and other South American countries. It is anticipated that Tecnova’s manufacturing output will expand dramatically under iQ International’s tutelage and with its portfolio of technologies.
Tecnova S.A. was represented by Versailles Group, Ltd., a Boston-based investment bank that specializes in international mergers, acquisitions, and divestitures.
Pérez Bustamante & Ponce advised IQ International AG with Juan Manuel Marchán (Picture), Mario Navarrete serrano, María Francisca Gallegos-Anda Naranjo and David Carrera.
Carmigniani Pérez advised Tecnova S.A. with Pedro Manuel Pérez and Daniel Dziouba.
Involved fees earner: Daniel Dziouba – Carmigniani Pérez Abogados ; Pedro Manuel Pérez Salvador – Carmigniani Pérez Abogados ; David Carrera Dávila – Pérez Bustamante & Ponce; María Francisca Gallegos-Anda Naranjo – Pérez Bustamante & Ponce; Juan Manuel Marchán-Maldonado – Pérez Bustamante & Ponce; Mario Navarrete Serrano – Pérez Bustamante & Ponce;