Blink Buys European EV Charging Network for $24 Million

Blink Charging Co. has acquired a European network of electric car chargers for about $24 million, a deal that expands the company’s presence in one of the world’s strongest markets for plug-in vehicles.

Blink bought Antwerp’s Blue Corner N.V., which has more than 7,000 charging ports installed across Belgium, Luxembourg, the Netherlands and France, according to a statement Tuesday. Blue Corner’s management and staff will remain in place following the purchase, the two companies reported. The deal involved a combination of cash and stock.

Blink shares rose as much as 4.4%. The company, based in Florida, already has charging stations in Greece and is looking to grow in Europe, where electric-vehicle adoption has outpaced the U.S.

“The Blue Corner acquisition will provide the critical mass required to make significant inroads in the European charging market,” said Blink Chief Executive Officer Michael Farkas in a press release.

©2021 Bloomberg L.P.

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