Deal Announcement 04/21: Automotive/Energy

PwC acted as Lead M&A Sell-Side Advisor to municipal energy service provider enercity AG in the strategic merger between EV charging solution providers wallbe GmbH and Compleo Charging Solutions AG. enercity AG sold 49.9% of its shares in wallbe GmbH to Compleo Charging Solutions AG and becomes shareholder of the merged entity

The Deal

The German PwC Deals Energy Team is pleased to announce the successful merger between the two EV charging solution providers wallbe GmbH (“wallbe”) and Compleo Charging Solutions AG (“Compleo”). Our client enercity AG (“enercity”) sold 49.9% of its shares in wallbe to Compleo and becomes shareholder of the merged entity.

In 2017, enercity has invested quite early in the start-up wallbe to expand its e-mobility business segment on which the company relies heavily in the future. To further scale up the business of wallbe, the shareholder enercity was looking for a strong strategic partner, who can support wallbe in the further development, especially the internationalisation strategy. We have been assigned by enercity as Lead M&A Advisor to ensure efficient execution of the strategic partner search.

Compleo took over 100% of the shares in wallbe in exchange for about one third in Compleo shares; approximately two thirds were paid in cash from available liquidity. After signing, enercity held 2.5% in the merged entity.

Compleo, listed on the stock exchange in Frankfurt since 2020, is seeking to become one of Europe’s leading manufacturers of EV charging stations and solutions. To date, wallbe and Compleo have together delivered already around 45,000 charging points across Europe. The merger of the two companies that complement each other in terms of their products and services is expected to drive the establishment of a market leadership position in Europe.

The share purchase agreement was signed on 25th March 2021 and the transaction was closed on 30th April 2021.

wallbe GmbH

wallbe has its roots in electrical engineering. The company became an innovative digital EV Charging-as-a-Service provider with a 360° approach providing technology for AC charging solutions (hardware and software) and professional technical services.

enercity AG

One of the largest municipal energy service providers in Germany with a turnover of around EUR 3.7 billion and around 3,000 employees.

Compleo Charging Solutions AG

Compleo is a pure-play technology provider of AC and DC charging solutions for e-mobility in public and semi-public, fleet and employee charging applications. The company has more than 22,000 charging points delivered in Germany and 3,000 in the rest of Europe.


The global PricewaterhouseCoopers network is a worldwide association of independent auditing and consulting companies which together employ more than 280,000 people in 157 countries. Our global network comprises over 1,600 M&A professionals all over the world, realising approx. 400 successful transactions per year. We specialise in a wide range of independent M&A services including advice on acquisitions and disposals, mergers, public takeovers, privatisations as well as structured financing.

PwC Deals Energy

The German Deals Energy Team was set up in 2019 and is headed by Steffen Apfel. It combines M&A expertise with in-depth energy sector know how and has trustful relationships with relevant decision makers in the energy industry.

PwC Deals Energy acted as Lead M&A Advisor to enercity AG on this transaction. The transaction was led by Steffen Apfel (Partner) and Reinhard Rümler (Senior Manager) and supported by Stephanie Kupferschmid (Senior Associate).

Deal Announcement 04/21: Automotive/Energy

Contact us

Steffen Apfel

Steffen Apfel

Partner, Corporate Finance | M&A Energy, PwC Germany

Tel: +49 172 6518099

Martin Schwarzer

Martin Schwarzer

Partner, Corporate Finance | M&A Automotive & Industrial Products, PwC Germany

Tel: +49 160 97228977

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