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Greenville Business Magazine

The Business Narrative: Charging Up

Nov 16, 2023 11:36AM ● By Donna Walker

Volvo to Acquire Proterra's Battery Business for $210 Million

Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit at a purchase price of $210 million, Volvo and Proterra officials announced.


The transaction between Proterra Inc. and Proterra Operating Company as sellers and Volvo is subject to approval by the bankruptcy court in the U.S. 


In addition, closing of the transaction, which is expected early in 2024, will be subject to merger clearance and certain other conditions.


The assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina. 


With the acquisition, Volvo Group will accelerate its future battery-electric road map, company officials said.


The transaction has no material impact on the Volvo Group financial performance, the officials said.


Proterra said in a statement that the company had successfully concluded the “Track B” auction of its Chapter 11 sales process and Volvo Battery Solutions LLC was the winning bidder to acquire the Proterra Powered business line.


“We entered into the Chapter 11 process with a mission to maximize the potential of each of our product lines. Today, we have taken an important step towards that goal for our Proterra Powered business,” said Gareth Joyce, Proterra CEO.


Proterra Powered leverages the company’s industry-leading battery technology and expertise to electrify commercial vehicles.


Company officials said Proterra will seek the bankruptcy court’s approval of the acquisition on Nov. 28, 2023.


The “Track A” Auction for Proterra’s Transit and Energy business lines, including the company’s Valence fleet and energy management product, was scheduled to take place on Monday, Nov. 13, 2023, the officials said.


Proterra is a leader in the design and manufacture of zero-emission electric transit vehicles and EV technology solutions for commercial applications.


Proterra products are designed, engineered, and manufactured in America, with offices in Silicon Valley and South Carolina.


In December 2021, Proterra announced that as demand for commercial electric vehicles continued to grow across the United States and around the world, the company would open a new EV battery system manufacturing plant in Greer, S.C., to produce the company’s industry-leading battery systems for Proterra Powered customers’ commercial electric vehicles, including delivery and work trucks, industrial equipment, buses, and more.


Proterra said it committed to a minimum investment of at least $76 million, with additional investments planned over the next several years, and expected to create more than 200 jobs over the next several years at the 327,000-square-foot battery system production plant. 


The Volvo Group said it drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services.


The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 190 markets. 

Mercedes-Benz Announces Agreement With Buc-ee's to Deliver EV Charging at Buc-ee's Locations Nationwide

Mercedes-Benz HPC North America LLC (Mercedes-Benz HPC NA), which is launching a network of premium EV charging stations across North America, announced a new strategic agreement with Buc-ee’s, operators of the chain of travel centers, marking what officials said is a significant milestone in the journey to create a national charging network for drivers across the country.


Mercedes-Benz will build charging hubs at most Buc-ee’s existing travel centers, starting with about 30 by the end of 2024.


Mercedes-Benz HPC NA has begun work on charging hubs at numerous Buc-ee's locations across the country, with some to be open by the end of this year.


“Mercedes-Benz HPC North America's collaboration with Buc-ee's represents an important moment in our pursuit of a national charging network that sets a new standard in both convenience and quality,” said Andrew Cornelia, president and CEO of Mercedes-Benz HPC NA.


Since beginning its multi-state expansion in 2019, Buc-ee’s has opened travel centers in Alabama, Florida, Georgia, Kentucky, South Carolina, and Tennessee, and has broken ground on locations in Springfield, MO, Hillsboro, TX, Amarillo, TX, Harrison County, MS, Smiths Grove, KY, Luling, TX, and Johnstown, CO.

Arch MI to Acquire RMIC Companies, Inc.

Arch U.S. MI Holdings (Arch MI), a wholly owned subsidiary of Arch Capital Group Ltd., said it has entered into a definitive agreement to acquire RMIC Companies, Inc. (RMIC) and its subsidiaries that together comprise the run-off mortgage insurance business of Old Republic International Corporation.


Financial terms weren’t disclosed.


Officials said once the transaction is closed, RMIC’s $1 billion risk in force (RIF) portfolio will be integrated into Arch MI’s existing U.S. primary mortgage portfolio, which had a RIF of $75.9 billion at Sept. 30, 2023.


“Our ability to leverage the scale of our platform to gain significant expense and capital synergies makes this an attractive financial transaction for Arch,” said David Gansberg, chief executive officer of Arch’s Global Mortgage Group.


The transaction is expected to close in the first half of 2024 and is subject to regulatory approval.


Jefferies LLC served as Arch’s financial advisor and Eversheds Sutherland served as Arch’s legal advisor.


Arch MI, a wholly owned subsidiary of Arch Capital Group Ltd., is a leading provider of private insurance covering mortgage credit risk in the U.S.


Headquartered in Greensboro, N.C., Arch MI's mission is to protect lenders against credit risk, while extending the possibility of responsible home ownership to qualified borrowers.


Arch MI’s flagship mortgage insurer, Arch Mortgage Insurance Company, is licensed to write mortgage insurance in all 50 states, the District of Columbia and Puerto Rico.


Arch Capital Group Ltd. (Nasdaq: ACGL) is a publicly listed Bermuda exempted company with approximately $18.0 billion in capital at Sept. 30, 2023.


Arch, which is part of the S&P 500 Index, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.

50th Consecutive Year of Dividend Increases for United Bankshares, Inc.

United Bankshares, Inc. (NASDAQ: UBSI) said its board of directors declared a fourth quarter dividend of $0.37 per share for shareholders of record as of Dec. 8, 2023.


Dividends per share of $1.45 for the year 2023 represents an increase over the $1.44 per share paid for the year of 2022.


The dividend payout of approximately $49.9 million on 134.9 million shares is payable Jan. 2, 2024.


The year 2023 marks the 50th consecutive year of dividend increases to United shareholders.


United is the parent company of United Bank which comprises nearly 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio.

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