SEOUL (Reuters) - SB LiMotive, an electric vehicle battery joint venture between South Korea’s Samsung SDI (006400.KS) and Germany’s Robert Bosch, is acquiring U.S. battery maker Cobasys, Samsung SDI said on Tuesday.
Shares in Samsung SDI, a battery and TV screen maker, jumped 4.6 percent by 0256 GMT, leading the wider market's .KS11 0.7 percent gain.
Cobasys, which develops and produces energy storage systems for hybrid electric vehicles, was owned by units of Energy Conversion Devices Inc ENER.O and Chevron Corp (CVX.N).
Details including the value of the deal were not disclosed.
General Motors Corp GMGMQ.PK was reported last year to be considering acquiring loss-making Cobasys, which supplies batteries to some of GM’s hybrid automobiles.
Samsung SDI said in a statement that the SB LiMotive venture would benefit from Cobasys’s technology and client base and that it planned to build the company into SB LiMotive’s North American center.
Reporting by Rhee So-eui; Editing by Jonathan Hopfner