UQM Technologies, a developer of alternative energy technologies, received notice on July 25 from the Committee on Foreign Investment in the United States (CFIUS) stating that CFIUS has cleared the previously announced merger between the company and Danfoss Power Solutions (US) Co.
UQM entered into a definitive merger agreement with the Danfoss Power Solutions (US) Co., a wholly-owned subsidiary of Denmark-based Danfoss A/S in January. Danfoss will acquire all outstanding common shares of UQM for $1.71 per share in an all-cash transaction valued at approximately $100 million, including the assumption of UQM’s debt.
Danfoss, a privately owned multinational company with reported sales of €5.8 billion in 2017 (approx. $6.6 billion US) is a leading manufacturer of hydraulic systems, drives, motors and components for the automotive, aerospace, HVAC and energy industries.
In accordance with the merger agreement, the companies have agreed that the closing will take place on July 31, 2019. The process for Danfoss to purchase the shares of common stock from the shareholders for $1.71 per share will begin immediately thereafter.
