Houlihan Lokey Advises Hydrogenics

Houlihan Lokey is pleased to announce that Hydrogenics Corp. (NASDAQ:HYGS; TSX:HYG), a leading developer and manufacturer of hydrogen fuel cell modules and hydrogen generation equipment, has been acquired by Cummins Inc., a global power leader that manufactures, distributes, and services a broad portfolio of power solutions. The transaction closed on September 9, 2019.

Under the terms of the arrangement agreement—unanimously approved by all noninterested directors of Hydrogenics—Cummins acquired all of the outstanding common shares of the company (other than those owned by The Hydrogen Company, a wholly owned subsidiary of Air Liquide S.A.) for $15 in cash per share. The consideration per share to be received by the company's shareholders in connection with the transaction represents a premium of 21.6% over the 30-day volume-weighted average price (VWAP) per share on the NASDAQ and 38.8% over the 90-day VWAP on the NASDAQ for the period ending prior to the transaction's announcement on June 27, 2019. Following closing, Cummins and Air Liquide intend to work with Hydrogenics management to develop the company's technology to its fullest potential.

Houlihan Lokey served as the exclusive financial advisor and rendered a fairness opinion to Hydrogenics.

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