Ballard Power Systems Agrees to Acquire UK's GeoPura; Shares Decline Pre-Bell

MT Newswires Live06-23

Ballard Power Systems (BLDP) said Tuesday it has signed a definitive agreement to acquire UK-based hydrogen-based energy company GeoPura for an upfront equity purchase price of 275 million British pounds ($363.4 million).

The company said the amount will be funded with a combination of 82.5 million British pounds in cash, as well as issuing approximately 50.8 million Ballard shares to GeoPura shareholders at $5.02 per share.

Ballard said it will also pay contingent consideration of up to 27.5 million British pounds if GeoPura meets certain financial milestones after the deal closes.

It added that the total transaction enterprise value, including assumption of GeoPura's net debt and excluding contingent consideration, is 301.1 million British pounds.

Shares of Ballard Power Systems were down nearly 6% pre-bell.

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