Xebec Adsorption Inc. has closed its previously announced acquisition of Green Vision Holding BV, the parent company of HyGear Technology and Services BV, for aggregate consideration of 82 million euros (approximately $127.3 million) and the assumption of 18.4 million euros (approximately $28.6 million) in net debt. The acquisition was carried out by way of a cash payment in the amount of 42 million euros (approximately $65.2 million) and the issuance of 10,014,364 common shares of Xebec.
HyGear was founded in 2002 in Arnhem, Netherlands, as a clean-tech company specializing in the on-site production and recovery of industrial gases. It is an emerging developer, manufacturer and supplier of technology and products for the production, recovery, purification and mixing of industrial gases, such as hydrogen and nitrogen.
According to the press release, Xebec carried out the transaction to execute and accelerate its distributed renewable gas business. Moreover, the acquisition of new hydrogen technology, and the access to new markets, will enable Xebec to launch a commercially viable green hydrogen product offering. Further, the acquisition is expected to provide Xebec with an entry into the industrial hydrogen and emerging hydrogen energy market; expand HyGear’s business and products into North America and provide a retrofit opportunity with existing compressed natural gas fuelling stations; expand Xebec’s product offering and allow the corporation to become a global provider of on-site gas generation systems; and provide Xebec with strong hydrogen and on-site gas research and development capabilities.
“This is the boldest move in the company’s history, with the objective to make Xebec a worldwide renewable gas leader. We are also very happy to have the strategic support of the Caisse de depot et placement du Quebec, a large long-term institutional investor who also shares the same vision. As a result, we are now uniquely positioned to leverage a recurring, profitable and industrial client base to support our growth in renewable natural gas and hydrogen. I would like to congratulate everyone on all their hard work and give HyGear a warm welcome to the Xebec family,” said Kurt Sorschak, chairman, chief executive officer and president of Xebec Adsorption.