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Green Hydrogen H2 News

Hexagon Purus acquires Wystrach

Arnes BiogradlijaBy Arnes Biogradlija30/09/20211 Min Read
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Wystrach GmbH will be acquired in its entirety by Hexagon Purus.

The merger brings together unrivaled knowledge and capability to establish the industry’s first vertically integrated leader in hydrogen storage systems.

Key terms of the Transaction

-Purchase price of up to EUR 43.3 million based on an enterprise value of EUR 50.0 million
-35% of the purchase price to be paid in cash at closing
-35% of the purchase price to be paid in the form of consideration shares in Hexagon Purus at closing at a price per share of NOK 33.4. The consideration share price represents the volume-weighted average price of Hexagon Purus over the last three months prior to signing
-30% of the purchase price represents a deferred payment and a contingent earn-out, both payable in cash
-The Selling Shareholders have agreed to a lock-up agreement for their shareholding. Approximately 10% of the consideration shares will be released from lock-up after 12 months following closing, another c. 10% will be released after 24 months and the remaining c. 80% will be released after 36 months
-Closing of the Transaction is expected to take place in the fourth quarter of 2021, subject to fulfilment of certain closing conditions and customary regulatory approvals

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