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November 4, 2021

UK-based e-mobility firm Bedeo said on Thursday it has acquired Protean Electric from China Evergrande Group's (3333. HK) automotive unit. Bedeo is buying Protean from National Electric Vehicle Sweden, a unit of Evergrande New Energy Vehicle Group. Evergrande bought Protean, which produces in-wheel motors, in 2019.

Bedeo did not disclose the financial terms of the deal, "This acquisition ensures we will be well capitalised to meet the burgeoning demand from existing and new customers," Protean Chief Executive Officer Andrew Whitehead said.

Analyst View
Evergrande the embattled China real estate development Group had a diversified investment portfolio including its investments in Protean Electric, however with its recent financial predicament, Evergrande has to divest some of its portfolio companies in other to raise funds to pay the obligations of investors that are fallen due.