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Article Excerpt
Toronto, Ontario and Brussels, Belgium -- Toronto, Ontario and Brussels, Belgium, December 23 /PRNewswire/ -- Stuart Energy Systems Corporation (TSX: HHO) announced today that it has entered into an agreement to acquire Vandenborre Technologies NV, which also operates under the name Vandenborre Hydrogen Systems. Subject to shareholder and regulatory approvals, Stuart Energy will pay approximately CDN $9.9 million in cash and 7.3 million common shares of Stuart Energy. The total value of the transaction, currently estimated at CDN $28 million, will be determined by Stuart Energy's share price on the transaction closing date. The two companies believe that their combined leading-edge hydrogen generation technologies and global market position will make the consolidated company the undisputed world leader in the provision of onsite, electrolysis-based hydrogen infrastructure solutions for power generation, vehicle fuelling and industrial markets.
Vandenborre Technologies, a privately held company based in Oevel, Belgium, is the industry's leader in the design, manufacture...
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