SatCon Tech To Buy Inverpower Controls For Cash, Stk
Dow Jones Newswires
CAMBRIDGE, Mass. -- SatCon Technology Corp. (SATC) agreed to pay $100,000 cash and issue 400,000 shares in a definitive agreement to acquire the assets of Inverpower Controls Ltd. (IPW).
SatCon said in a press release Tuesday that it will receive a "strong team of manufacturing technologists," 65,000 square feet of additional manufacturing capacity and the ability to increase its product lines by adding Inverpower's electronics modules and systems to SatCon's existing alternative energy, distributed power and power quality products.
Power and energy management products maker SatCon expects the acquisition to close within the next month, subject to certain conditions, including the acceptance of a Canadian-court-appointed interim receiver's report and entry of an order by the Toronto Superior Court.
On June 11, Inverpower extended an agreement by 14 days for a total of 35 days of negotiating the sale of its assets to an "unidentified publicly traded company."
Inverpower said part of the ongoing negotiations included the method in which the sale of the assets and assumed liabilities would be conveyed to the potential purchaser.
Shares of SatCon recently traded at $9.58, up 5 cents, or 0.5%, on Nasdaq volume of 42,700 shares. Average daily volume is 272,484 shares.
Inverpower, Burlington, Ontario, designs, makes and services power electronics and controls for high quality power systems. |
