A123 owner wins bidding for hybrid maker

This is a summary. To read the whole story subscribe to

he owner of local battery maker A123 Systems LLC on Friday won an auction for bankrupt Fisker Automotive with a bid worth roughly $149 million, according to a lawyer representing creditors.

A123’s owner, the American subsidiary of China’s Wanxiang Group, beat out Hybrid Tech Holdings LLC, for the California car company, once an A123 customer. The Waltham company supplied Fisker’s Karma hybrid with batteries.

The purchase price includes a 20 percent stake in Fisker for creditors valued at $15 million, and $8 million in assumed debt. The rest is cash. William R. Baldiga, a lawyer with Brown Rudnick which is representing creditors, said his team is “delighted” with Wanxiang’s bid.

Full story for subscribers.

Get the full story with unlimited access to

Just 99 cents for four weeks.