On April 19, 2021, the Board of Directors of Taiwan Cement Corporation (TCC) approved the company’s plan to enter into a definitive sale and purchase agreement with Engie SA for €17.10 per share in cash, for an aggregate consideration of €132 million.
TCC Group said in its statement that it has been very active in recent years in developing renewable energy and energy storage systems. In order to strengthen its energy and energy storage business, and to expand its global footprints into new markets.
TCC Group has been constantly evaluating potential energy and energy storage acquisition targets around the world, and also intends to expand its energy storage business and create overall benefits for the TCC Group through mergers, acquisitions and equity investments.
Engie is the owner of Giga Storage, Microgrid and other energy storage solutions for electric vehicles, and an industrial player focusing on energy storage systems, industrial solutions and eMobility, revolutionizing the paradigm shift in the global energy system towards renewable energy sources and electric mobility in European, American and African markets.
Through the transaction, the TCC Group will be able to expand its international energy and energy storage footprint and to diversify its product offerings, as well as strengthening its technical capabilities in the energy storage field.