Cummins in $15/Share Deal for Hydrogenics >CMI
June 28 2019 - 11:29AM
Dow Jones News
By Michael Dabaie
Cummins Inc. (CMI) said it would acquire all the shares of
Hydrogenics Corp. (HYGS, HYG.T) for $15 a share in cash, other than
shares already owned by The Hydrogen Co., for an enterprise value
of about $290 million.
As a part of the deal, The Hydrogen Company, a wholly-owned
subsidiary of L'Air Liquide S.A., will maintain its ownership in
Hydrogenics.
L'Air Liquide is part of Air Liquide S.A. (AI.FR). Air Liquide
holds an 18.6% ownership stake in Hydrogenics as of March 25 and is
its largest equity shareholder, according to FactSet.
The deal is expected to close in the third quarter of 2019,
Cummins said.
Toronto-listed shares of fuel cell systems provider Hydrogenics
were down 4.7%. Cummins shares were up 0.5%.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
June 28, 2019 11:14 ET (15:14 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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