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BRIEF-Nel acquires Proton OnSite, launches private placement
February 27, 2017 / 3:38 PM / 7 months ago

BRIEF-Nel acquires Proton OnSite, launches private placement

Feb 27 (Reuters) - Nel ASA:

* Has entered into a non-binding term sheet to acquire Connecticut U.S. based hydrogen technology company Proton Energy Systems Inc.

* Purchase price corresponds to an enterprise value of USD 70 million

* Will launch a private placement by offering up to 65 million new shares in an accelerated bookbuilding process

* The contemplated acquisition will be settled by USD 20 million in cash, and new shares of Nel paid in equal instalments after 12 months and 24 months at an agreed share price of 2.72 Norwegian crowns ($0.3256)

* The transaction is expected to be concluded in Q2 of 2017 Source text for Eikon: Further company coverage: ($1 = 8.3538 Norwegian crowns) (Gdynia Newsroom)

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