Westport Fuel Systems Inc. has entered into a binding agreement to sell its interest in Westport Fuel Systems Italia S.r.l., which includes the Light-Duty segment, including the light-duty OEM, delayed OEM, and independent aftermarket businesses, to a wholly-owned investment vehicle of Heliaca Investments Coöperatief U.A., a Netherlands based investment firm supported by Ramphastos Investments Management B.V. a prominent Dutch venture capital and private equity firm. The transaction provides for a base purchase price of US$73.1 million, subject to certain adjustments, and potential earnouts of up to an estimated US$6.5 million if certain conditions are achieved, in accordance with the terms of the agreement.
Bennett Jones is acting as Canadian legal advisor to Westport.
The Bennett Jones team is led by Bruce Hibbard (M&A) and includes Sebastien Gittens (Intellectual Property), Julia Pasieka and Adam Weryha (M&A).
Read the transaction press release.