M&A consultants advise Ubitricity on its sale to oil giant Shell

26 January 2021 Consultancy.eu 2 min. read

One of Europe’s largest on-street electric car charging companies Ubitricity has been acquired by Shell. Ubitricity's shareholders were advised during the deal by consultants from Drake Star Partners and lawyers from Gleiss Lutz.

The deal was led by the Dutch office of Drake Star Partners, and marks their seventh deal in the rapidly growing electrical vehicle charging ecosystem. Previously the dealmakers advised on the sale of NewMotion to Shell (for which they landed an M&A award), and the sale of Pod Point to EDF and Legal & General.

The deal team for Ubitricity consisted of Frank Verbeek, Sherief Rahim and Thomas Smal. They were supported on legal matters by Viciano Gofferje and Johannes Schrägle from German law firm Gleiss Lutz. The entire deal process was corona-proof – conducted virtually, from the first contacts and the due diligence up to closing. 

M&A consultants advise Ubitricity on its sale to oil giant Shell

Commenting on the deal annoucement, Sherief Rahim, a Principal at Drake Star Partners in Amsterdam, said: “We are thrilled to have advised Ubitricity and its shareholders in this transaction. E-mobility has clearly reached a tipping point and through this synergetic transaction, Ubitricity is geared to lead its next growth phase in a sector that is bound for hyper growth. Becoming part of Shell will enable Ubitricity to capture the enormous market opportunity of EV charging.” 

With more than 2,700 charge points across the UK, Ubitricity currently holds 13% of the country’s market share. The firm also has circa 1,500 charge points across Germany and France. Ubitricity specialises in on-street charging, which is becoming increasingly important in the charging mix for electrical drivers, particularly in cities.

“On-street options such as the lamp-post charging offered by Ubitricity will be key for those who live and work in cities or have limited access to off-street parking,” said István Kapitány, the head of Shell’s global mobility business. 

For Shell the move is another step in its strategy to accelerate its shift to low-carbon transport. The Dutch-British oil company, which faces growing pressure to cut its carbon emissions and has set the target of operating climate neutral by 2050, expects the deal with Ubitricity to be finalised by the end of the year.

Shell already has a footprint in the home, city and work charging segments, and according to Lex Hartman, Ubitricity’s chief executive officers, the joining of forces will now provide the company with “a full range of charging options for electrical vehicle drivers.”