{"id":87192,"date":"2024-06-23T00:00:00","date_gmt":"2024-06-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-closes-in-on-holon-acquisition-after-getting-nod-from-regulator\/"},"modified":"2024-06-23T00:00:00","modified_gmt":"2024-06-23T00:00:00","slug":"pif-closes-in-on-holon-acquisition-after-getting-nod-from-regulator","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/23\/pif-closes-in-on-holon-acquisition-after-getting-nod-from-regulator\/","title":{"rendered":"PIF closes in on Holon acquisition after getting nod from regulator"},"content":{"rendered":"

The Public Investment Fund (PIF) has secured the European Commission\u2019s<\/strong> approval of <\/strong>its acquisition and joint control of German autonomous e-vehicle maker <\/strong>Holon<\/a><\/strong> \u2014 a wholly-owned subsidiary of Austria-based car-parts manufacturer Benteler International<\/a>, the European Commission said in a statement<\/a>. The transaction will be made through the PIF\u2019s vehicle development arm, Tasaru Mobility Investments<\/a>. No further details were provided.<\/p>\n

Background:<\/strong> Tasaru and Benteler inked an agreement<\/a> in February to have the PIF subsidiary acquire up to a 38% stake in Holon. Tasaru\u2019s undisclosed nine-figure investment \u2014 which had been pending regulatory approval \u2014 will be disbursed in tranches. The first tranche was scheduled to be paid this past April.<\/p>\n

About Tasaru: <\/strong>The investment company was launched in October 2023<\/a> and is 100% owned by PIF. Its mandate is to develop domestic supply chain capabilities in the automotive, mobility, and next-gen industries.<\/p>\n

Banking on self-driving EVs: <\/strong>Holon will use the fresh funds<\/a> to set up three new manufacturing plants in the Kingdom, Europe, and the US for the production of its autonomous and fully-electric Mover series<\/a>. The self-driving zero-emission shuttles are designed for public transport, suitable for both on-demand and scheduled services. They can accommodate up to 15 passengers at a time, traveling at a maximum speed of 60 km\/hour. <\/p>\n

What they said: <\/strong>\u201cHolon\u2019s revolutionary Mover aligns perfectly with Tasaru's vision for a smarter and more sustainable future. Together, we aim to unlock the Mover's potential, bringing significant benefits to Saudi Arabia and other regions, establishing the Kingdom as a hub for autonomous mobility innovation and manufacturing,\u201d Tasaru CEO Micheal Mueller said<\/a> in February.<\/p>\n

REMEMBER- Saudi is aiming big for EVs: <\/strong>Ceer \u2014 the Kingdom\u2019s first electric vehicle brand \u2014 inked earlier this month<\/a> a SAR 8.2 bn (c. USD 2.2 bn) contract with global auto parts maker Hyundai Transys to supply advanced EV drive systems (EDS) for its vehicles. It plans to install the integrated drive systems in all of its EVs lineup, which includes SUVs, sedans and coupe models. The contract marks the first by Hyundai Transys for a global automaker.<\/p>\n","protected":false},"excerpt":{"rendered":"

The move will see the PIF\u2019s Tasaru Mobility Investments acquire up to a 38% stake in Holon<\/p>\n","protected":false},"author":1,"featured_media":87193,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[1408,10,218,1014,14,1151,1012],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-ceer","tag-enterpriseam-ksa","tag-evs","tag-holon","tag-ma-watch","tag-public-investment-fund-pif","tag-tasaru-mobility-investments","wpautop","entry"],"acf":{"mongo_id":"50206455-80b0-4ec8-84e5-1d7653106fc0","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1339.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF secures European Commission\u2019s approval for acquisition of Holon","related_issue":[87185],"teaser":"The move will see the PIF\u2019s Tasaru Mobility Investments acquire up to a 38% stake in Holon","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.ec2953cc-5a32-45d1-ad9e-a1662d200ee1.mp3"},"yoast_head":"\nPIF closes in on Holon acquisition after getting nod from regulator - 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