May 20, 2021: Bulgarian lead-acid and lithium battery maker Monbat on May 12 agreed a deal to buy 60% of the Tunisian battery firm Nour for €10.3 million ($12.6 million).

The transaction, to be financed from issuing bonds and the firm’s own funds. “The transaction is in line with the strategic objectives of Monbat AD for the establishment of its own production base and expansion of the market positions in North Africa and the Middle East, including but not limited to Tunisia, Algeria and Libya,” the company said.

The share purchase agreement provides Monbat with 720,000 voting shares, the company says, and will take place in two stages that will be complete by the end of the year.

Nour was founded in 1956 and claims to be the first Tunisian company to specialize in the production of batteries.

It distributes widely across North Africa and in 2015 opened a second production facility in the district of Zaghouan.

In 2018, Monbat shelved plans to buy another Tunisian battery maker, Tunisien Assad.