A Case Study on Industrial Chain Collaborative M&A of New Energy EnterprisesTaking CATLs Acquisition of a Partial Equity Stake in Lead Intelligent as an Example

Abstract

Against the backdrop of the accelerated iteration of the global new energy industry, vertical integration of the industrial chain has become a core strategy for leading enterprises to consolidate their competitive advantages. This paper takes Contemporary Amperex Technology Co., Limited (CATL)s 2.5 billion yuan cash acquisition of a 5% equity stake in Lead Intelligent Equipment Co., Limited in 2023 as a case study. Based on the industrial chain collaboration theory and capital operation theory, it comprehensively analyzes the three core motivations behind this M&A and demonstrates the rationality of choosing cash payment. The study finds that this M&A increased Lead Intelligents revenue share from CATL from 30% to 45.2%, and CATLs equipment supply fulfillment rate reached 98.3%, achieving a win-win outcome.