EU approves acquisition of joint control over IONITY by Hyundai

Wednesday, 02. September 2020 13:11

The European Commission announced on Wednesday that it has approved the acquisition of joint control over Germany-based IONITY Holding GmbH & Co. KG by the Hyundai Motor Company.

The deal was in compliance with the EU Merger Regulation, the bloc's executive branch added. "IONITY is active across Europe in installing, operating and maintaining a publicly accessible high-power charging infrastructure for battery-electric vehicles along motorways and trunk roads in Europe," the Commission said in a statement.

IONITY is a joint venture founded by the BMW Group, Daimler AG, Ford Motor Company and Porsche AG, part of the Volkswagen Group. It was revealed in September 2019 that Hyundai would become the new shareholder of IONITY.

Related Links: Ford Motor CompanyBMW AGDaimler AGVolkswagen AG
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Breaking the News / MS