Tianneng Battery Group Co., Ltd. (SHSE:688819) agreed to acquire 40% stake in Tianneng Saft Energy Joint Stock Company from Saft Groupe S.A.S. for CNY 210 million on January 24, 2024. The consideration consists of CNY 210 million in cash. As part of the consideration, CNY 210 million was paid towards common equity.

Prior to the transaction, Tianneng Battery Group Co., Ltd. (SHSE:688819) held 58.0369% stake. As on January 25, 2024, a share transfer agreement was signed. Tianneng Battery will finance the transaction from its own funds.

Tianneng Saft Energy reported total assets of CNY 1.7 billion and net assets of CNY 42.9 million as on June 30, 2023. The transaction was approved by the Board of Directors of Tianneng Battery Group.