Client Blink Charging Acquires SemaConnect in $200M EV Consolidation
Olshan acted as counsel to Blink Charging Co. on its acquisition of SemaConnect, Inc., a manufacturer and developer of electric vehicle (EV) charging infrastructure solutions in North America. The approximately $200 million acquisition, consisting of a combination of cash and common stock, was completed on June 15, 2022. The acquisition adds nearly 13,000 EV chargers, an additional 3,800 site host locations and more than 150,000 registered EV driver members to Blink’s existing footprint. Blink, which is listed on The Nasdaq Capital Market with a market cap exceeding $700 million, is a leading owner, operator and provider of EV charging equipment and networked EV charging services. It has deployed over 30,000 charging ports across 19 countries to date. With this acquisition, Blink is the only EV charging company to offer complete vertical integration from research & development and manufacturing to EV charger ownership and operations. This vertical integration creates unparalleled opportunities for Blink to control its supply chain and accelerate its go-to market speed, while reducing operating costs. With SemaConnect’s manufacturing facility in Maryland, Blink would qualify for Buy American mandates positioning itself to capitalize on the $7.5 billion Biden Administration EV infrastructure bill and assist with the Administration’s goal of building out the first ever national network of 500,000 electric vehicle chargers along America’s highways and in communities. Corporate Partner Spencer G. Feldman led the Olshan team, assisted by Corporate Associates Richard M. Quatrano and Dakota J. Forsyth. Corporate Partner Michael R. Neidell, Tax Partners Eduardo Cukier and Kuang-Chu Chiang, Employee Benefits Partner Stephen L. Ferszt, Intellectual Property Partner Mary L. Grieco, Insurance Partner Jeremy M. King and Employment Partner Michael J. Passarella also provided specialized counsel.