UQM Technologies To Be Bought By Denmark's Danfoss In $100 Mln Deal

(RTTNews) - UQM Technologies, Inc. (UQM), a developer of alternative energy technologies, announced Monday that it has entered into a definitive merger agreement to be bought by a unit of Denmark-based privately-owned company Danfoss A/S.

Danfoss Power Solutions (US) Co. will buy UQM for $1.71 per share in an all-cash transaction valued at approximately $100 million, including the assumption of UQM's debt.

The cash consideration represents a premium of approximately 52.5% over UQM's closing share price on January 18 and a 71.4% premium to its weighted average trading price over the trailing 60 days.

The transaction will be funded with Danfoss' cash on hand and is not subject to any financing condition. The merger agreement was unanimously agreed to by the Boards of Directors of both UQM and Danfoss.

The transaction is expected to close in the second quarter of 2019, subject to approval by UQM's shareholders and CFIUS.

UQM is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, and industrial markets.

The merger anticipates that UQM will become part of the Danfoss Power Solutions segment.