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Hydrogenics announces cooperation agreement with Cummins

By Hydrogenics   

News power generation

Hydrogenics Corporation has announced that it has entered into an arrangement agreement with Cummins Inc. and Atlantis AcquisitionCo Canada Corporation, pursuant to which the Purchaser, a subsidiary of Cummins Inc., has agreed to acquire all of the outstanding common shares of the Company, other than Shares owned by The Hydrogen Company, a wholly owned subsidiary of L’Air Liquide S.A., for US$15.00 in cash per Share. The Hydrogen Company has agreed to exchange its Shares for shares of the Purchaser pursuant to the Transaction.

“Over the past 24 years, the Hydrogenics team has worked to refine and improve transformative technology solutions in Hydrogen. Today, our years of work are recognized as two very major high-quality industrial leaders have taken the baton to continue our legacy in bringing clean energy solutions to the world. It is a great honour to be associated with such distinguished companies as Cummins and Air Liquide. We look forward with renewed vigor to work alongside them to accelerate the transformative journey,” said Mr. Daryl Wilson, Chief Executive Officer of the Company.

The consideration per Share to be received by the Company’s shareholders (the “Shareholders”) in connection with the Transaction represents a premium of 21.6% over the 30-day volume-weighted average price (“VWAP”) of the Shares on the NASDAQ and 38.8% over the 90-day VWAP on the NASDAQ for the period ending June 27, 2019.

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