Hong Kong-based watch-maker O Luxe Holdings Ltd plans to buy a controlling stake in Japan's electric sportscar company GLM Co Ltd, according to local reports.
O Luxeis said to have offered HKD896m (US$114m) for an 85.5% stake in the Japanese company.
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GLM was originally set up in 2010 by Kyoto University and began making the ZZ electric sports car in 2014. In recent years it has helped a number of mainstream Japanese and Chinese vehicle manufacturers develop electric vehicle platforms and also offers complete electric vehicle platforms solutions, including chassis, power systems and controls.
O Luxe plans to fund the acquisition with a combination of cash and by issuing new equity which it will offer to GLM shareholders. It eventually hopes to buy up all outstanding shares in the company.
O Luxe hopes to increase GLM's business with Chinese vehicle manufacturers, which are moving aggressively into the electric vehicle segment at present.
O Luxe says it specialises in 'designing, manufacturing for distinctive clients, and distributing finely curated high-end jewellery and diamonds, profoundly establishing its foundation as an industry leader in jewellery, timepiece and other luxury sectors'.
