Shareholders begin voting on Exicom’s proposed Tritium sale

Exicom has opened a shareholder vote on selling its Tritium fast-charging business, taking the proposed divestment beyond this week’s board approval. Electronic voting began on 7 November and closes on 6 December at 17:00 India Standard Time; results are due by 8 December.

The notice, issued on 6 November, seeks authority for either a sale of Exicom’s holding in its Dutch subsidiary or a sale of that subsidiary’s four Tritium companies. Those businesses are in the United States, the Netherlands, Australia and the UK, giving the proposal significance across several charging-equipment markets.

An indicative enterprise valuation of US$85 million is set out on a cash-free, debt-free basis. The term sheet is non-binding on completing the sale: due diligence, final transaction documents, adjustments and the necessary approvals remain outstanding. It does not establish the final proceeds Exicom would receive.

Exicom says the move would redirect capital towards its Indian charging business and other export opportunities while retaining a perpetual licence to Tritium’s TRI-FLEX technology. Chief executive Anant Nahata told ETAuto that the company wants to concentrate on markets where demand already exceeds its supply capability. The shareholder vote authorises a proposed transaction; it does not complete the ownership transfer.

Sources

• Exicom: 6 November shareholder notice and sale terms
• Exicom: board decision and technology licence
• ETAuto: Anant Nahata on the proposed sale and investment plans