Ben Dummett, William Boston
Volkswagen AG, maker of the iconic Porsche sports car, is close to selling a minority stake in its U.S. electric vehicle recharging business to an arm of Siemens AG, a deal that would value the network at more than $2 billion, according to people familiar with the matter.
A sale of a stake in Volkswagen’s /zigman2/quotes/206919008/delayed XE:VOW +0.74% Electrify America LLC would generate additional funding as part of a plan to more than double the number of EV recharging stations Electrify America operates across the U.S. and parts of Canada to 1,800 by 2026. Reston, Va.-based Electrify America also offers EV charging stations for use at home.
The deal is expected to be announced as soon as Tuesday, assuming talks don’t break down.
Germany-based Siemens /zigman2/quotes/205905025/delayed XE:SIE +0.68% would make the investment through its Siemens Financial Services unit, according to the people. The deal would complement Siemens’s existing operations in the EV recharging sector. In August, the engineering and technology giant announced plans to expand its manufacturing operations in the U.S. as part of a plan to make over 1 million EV chargers for that market over the next four years.
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