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May 11, 2021, 9:55 a.m. EDT

Blink Charging adds more than 7,000 EV charging ports in Europe through purchase of Blue Corner

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By Tomi Kilgore

Blink Charging Co. /zigman2/quotes/205311237/composite BLNK +0.09% said Tuesday it has acquired Belgium-based electric vehicle charging ports operator Blue Corner N.V., for EUR20 million ($24 million) in cash and stock. The deal adds 7,071 charging ports across Belgium, Luxembourg, France and the Netherlands to Blink's European charging network. "We are very excited about this acquisition and the opportunity it provides Blink to have a significant presence in Europe quickly," said Blink Chief Executive Michael Farkas. "As a key contributor to the expanding EV landscape, we are continuously looking for opportunities to strategically increase our global assets while also making EV charging more accessible." Farkas noted that EVs have a "much higher" market share in Europe, as sales of plug-in EVs in Europe rose 137% to 1.4 million vehicles in 2020, compared with a 4% increase to 328,000 vehicles in the U.S., according to ev-volumes.com. Blink's stock fell 2.6% in morning trading amid a broad-market selloff, with the technology-friendly Nasdaq Composite /zigman2/quotes/210598365/realtime COMP -0.73% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.52% both down 1.0%.

/zigman2/quotes/205311237/composite
US : U.S.: Nasdaq
$ 34.08
+0.03 +0.09%
Volume: 677,708
July 30, 2021 2:58p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.44 billion
Rev. per Employee
$68,464
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/zigman2/quotes/210598365/realtime
US : Nasdaq
14,670.81
-107.46 -0.73%
Volume: 2.37M
July 30, 2021 2:58p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,396.20
-22.95 -0.52%
Volume: 1.35B
July 30, 2021 2:58p
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