Sevcon, Inc. shares rose to a new record on Monday after BorgWarner (BWA), a provider of technologies for combustion, hybrid and electric vehicles, said it has agreed to acquire the provider of electrification technologies for $22 per share or $200 million.
SEV shares were higher 59% at $21.70, trading in a new 52-week range between $8.10 and $22.10. BWA shares rose to their highest level since August 2015 and trades in a new 52-week range between $31.21 and $46.66. Sevcon complements the company’s power electronics capabilities utilized to provide electrified propulsion systems. The transaction is expected to close in Q4, subject to closing conditions.