(Alliance News) - Redde Northgate PLC on Tuesday said it completed a deal to acquire Charged Electric Vehicles Ltd, a supplier of electric vehicle charging equipment in the UK.
Redde did not disclose the value of the acquisition. It completed the buy on July 9.
Redde said the deal will allow it to expand in the growing electric vehicle market. It will also support its own electric vehicle fleet, the Darlington, England-based commercial vehicle hire business said.
"We are delighted to have completed the acquisition of ChargedEV, which in line with this strategic objective, places us at the forefront of the transition to EV in our markets as both our own and our customers' fleets evolve," said Chief Executive Officer Martin Ward.
Shares in Redde were up 1.4% at 433.80 pence each in London on Tuesday morning.
By Amrit Sahota; newsroom@alliancenews.com
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Redde Northgate (REDD)