European lead acid major Monbat has signed a contract that will give it full ownership of Tunisian battery manufacturer Nour.

Monbat said on December 22 it was acquiring the remaining 40% of capital in Nour — nearly four years after the Bulgaria-based business acquired a majority 60% stake in the North African lead acid firm.

The total cost of the latest transaction amounts to €9 million ($10.6 million), which is payable in three instalments, the first €4 million tranche of which is due on completion of the deal.

The acquisition is expected to be finalized in the first quarter of 2026, subject to approval from the Central Bank of Tunisia.

Monbat said the remaining tranches, amounting to €2.5 million each, will become due at the end of 2026 and end of 2027 respectively, together with applicable interest for the deferred payment.

Monbat said previously that taking control of Nour was part of plans to expand its market share across North Africa and the Middle East.

Nour, founded in 1956, claimed to be the first Tunisian company to specialize in the production or batteries, which it supplies to sectors including cars, public transport vehicles and maritime vessels.

Batteries International reported in 2023 that Nour was preparing to start operations of a new lead battery breaker plant supplied by Italian engineering company STC.

STC said a year earlier that it had been awarded a $5 million contract to supply a lead battery recycling plant to Nour, featuring STC’s novel ‘U4Lead’ paste desulfurization tech.