After 19 rounds of bidding, Wanxiang America Corporation (Wanxiang) has been selected as the highest and best bidder in a competitive auction for Fisker Automotive, completed on Friday. Wanxiang’s winning bid is valued at approximately $149.2 million, representing $126.2 million of cash, $8 million of assumed liabilities, and a contribution of common equity in an affiliate designated by Wanxiang to acquire the assets of Fisker Automotive.

The transaction includes the acquisition of Fisker’s Wilmington, Delaware plant. Wanxiang’s successful bid remains subject to Bankruptcy Court approval.

We conducted a highly spirited auction resulting in an increase in value of approximately $90 million as compared to the opening bid of the auction.

Wanxiang’s successful bid will be presented for approval by the United States Bankruptcy Court for the District of Delaware in Wilmington on Tuesday, 18 February 2014. The transaction is expected to close promptly thereafter.

In January 2013, Wanxiang acquired substantially all of the non-government business assets of bankrupt A123 Systems, Inc. A123 had been the battery supplier for Fisker.

Fisker is advised by Kirkland & Ellis LLP and Pachulski Stang Ziehl & Jones LLP as counsel, Evercore as investment banker, and Beilinson Advisory Group as restructuring advisor.

Wanxiang is advised by Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as counsel and M6 Business Advisors LLC as restructuring advisor.