USA / Canada / France – Cummins Inc of Columbus, Indiana, has entered into a definitive agreement to acquire, through a wholly-owned subsidiary (probably the Cummins Electrified Power Division), all the issued and outstanding shares of fuel cell systems provider, Hydrogenics Corporation¹ of Mississauga, Canada, for approximately USD290m. (This share purchase, which is based on the equivalent value of USD15.00 a share, excludes all other than shares already owned by The Hydrogen Company, a wholly-owned subsidiary of French liquid gas supplier, L’Air Liquide SA of Paris, which is Hydrogenics’ current largest shareholder). The Hydrogenics Board of Directors and all non-interested directors of Hydrogenics have unanimously approved the transaction and recommended Hydrogenics shareholders vote in favour of the transaction. The transaction is subject to certain legal and approval legal procedures in Canada*, but it is expected to be complete by the third quarter of 2019.

This acquisition by Cummins would make it, its fourth acquisition to expand and develop its electrified powertrain portfolio: