German luxury carmaker BMW to acquire 2% stake in UK-based Chargemaster

German automobiles manufacturer BMW AG (ETR:BMW) intends to acquire a 2% interest in UK electric vehicle charging systems supplier Chargemaster Plc, which recently unveiled plans for a London IPO, a source told Reuters.

BMW is expected to announce the deal prior to its Monday introduction of the i3 electric vehicle, the informed person mentioned, without revealing the value of the planned transaction.

However, according to Britain’s Sky News, BMW will spend some GBP500,000 (USD765,000/EUR580,000) on the stake purchase.

Last year, Chargemaster provided more than 2,800 charging points, thereby recording a revenue of around GBP3.6m.

None of the parties wished to comment to Reuters.