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UK startup Britishvolt investors submit bid to rival Indonesian fund offer
The rival offer is for a 92.5 percent share of the company, fractionally lower than the 95 percent that DeaLab offered, the report said citing a letter sent to the board on Tuesday evening.
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Peter Rolton, executive chairman of electric vehicle battery startup Britishvolt, shows a billboard at the site of the company's large planned battery plant, in the former industrial town of Blyth, Britain January 27, 2022. (Reuters/Nick Carey)
T
hree early investors of UK battery start-up Britishvolt have submitted an offer worth 30 million pounds ($36.38 million) to the board, matching the bid made by the Indonesia-linked investment fund DeaLab Group, the Financial Times reported on Wednesday citing two people familiar with the matter.
The rival offer is for a 92.5 percent share of the company, fractionally lower than the 95 percent that DeaLab offered, the report said citing a letter sent to the board on Tuesday evening.
Britishvolt's board has been trying to muster shareholder support for the DeaLab offer by writing to investors ahead of a vote this Friday, the report added.
The UK startup said on Monday it was in talks with a consortium of investors about selling a majority stake in the company, but did not disclose any names.
Britishvolt did not immediately respond to a Reuters request for comment on the report while DeaLab Group could not be reached.
DeaLab Group is a UK-based private equity investor that has been involved in several fossil fuel and renewable energy transactions in Indonesia, and an associated metals business, Barracuda Group, the Guardian has reported.
Britishvolt said DeaLab had previously been involved in a series of deals worth more than $1bn with links to Indonesia. These included the purchase of oil, gas and coal interests, as well as geothermal energy and telecoms businesses.
DeaLab and Barracuda Group are owned by an Indonesian banker who formerly worked at the US investment bank JP Morgan, according to a social media profile. Barracuda is working with an Indonesian partner on a project to extract battery metals including nickel, the British newspaper wrote in its Jan. 10, 2023 edition.
