Ballard Announces Acquisition of Protonex

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Go back to Ballard Announces Acquisition of Protonex

Ballard Power (BLDP) to Acquire Protonex Technology Corp. in $30M Deal

June 29, 2015 7:31 AM EDT

Ballard Power (NASDAQ: BLDP) announced that it has signed a definitive agreement to acquire Protonex Technology Corporation, a leading designer and manufacturer of advanced power management products and portable fuel cell solutions. As consideration for the transaction, valued at $30 million, Ballard is assuming and paying Protonex's debt obligations at closing, currently estimated at approximately $4.4 million, and paying the balance of approximately $25.6 million through the issuance of 11.2 million Ballard shares. The number of Ballard shares to be issued is subject to adjustment based on the final debt obligations at closing.

Founded in 2000, Protonex is a private... More