Waltham-based lithium ion battery maker A123 Systems Inc. said it has received approval from U.S. Bankruptcy Court in Delaware to sell its assets to Wanxiang America Corp.
The court has also granted approval for A123 to sell its government business to Navitas Systems.
A123 and Wanxiang previously agreed to terms on an asset purchase agreement through which the Chinese company would acquire substantially all of A123's assets for more than $256 million. The sale is subject to certain closing conditions, including approval from the Committee for Foreign Investment in the United States.
A123's Ann Arbor, Mich.-based government business, including all military contracts, is being acquired for $2.25 million by Navitas in a separate asset purchase agreement.
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