Cummins Inc CMI will acquire Hydrogenics Corporation 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.
“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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