Cummins Inc. completed its acquisition of fuel cell and hydrogen technologies provider Hydrogenics Corp., following the approval of Hydrogenics shareholders, the receipt of approvals from the Ontario Superior Court of Justice, and satisfaction of other customary closing conditions.
The company completed the acquisition for $15.00 per share, representing an enterprise value of about $290 million. Air Liquide SA will hold roughly 19% of Hydrogenics, while Cummins now owns about 81% of the company. Hydrogenics will be delisted from the Toronto Stock Exchange and the NASDAQ upon receipt of the final required approvals.
Hydrogenics will continue to operate from its headquarters in Mississauga, Canada, and will report under Cummins' Electrified Power business segment, led by Vice President for Corporate Strategy Thad Ewald.
Additionally, Cummins said it will return 75% of operating cash flow to shareholders this year through dividends and sale repurchases.
