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Cummins Inc (NYSE:CMI) will acquire Hydrogenics Corporation (NASDAQ:HYGS) for $15 per share in cash, and a total value of $290 million. The transaction is expected to be completed in the third quarter.
Air Liquide holds 18.6% ownership stake in Hydrogenics.
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“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 Daryl Wilson, CEO of Hydrogenics.
Cummins shares were up 0.8% at $169.67 and Hydrogenics shares were down 3.9% at $14.89 at time of publication.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.