UQM Technologies acquired by Danfoss Power Solutions for $1.71 per share
UQM Technologies announced that it has entered into a definitive merger agreement with the Danfoss Power Solutions Company, a wholly-owned subsidiary of Denmark-based Danfoss A/S, under which Danfoss will acquire all outstanding common shares of UQM for $1.71 per share in an all-cash transaction valued at approximately $100M, including the assumption of UQM's debt. The merger anticipates that UQM will become part of the Danfoss Power Solutions segment. 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 both UQM and Danfoss; GDG Green Dolphin, which holds approximately 7.4% of the issued and outstanding shares of UQM, and all UQM directors and officers have executed voting and support agreements in favor of the acquisition. Closing of the transaction is subject to approval by two-thirds of UQM shareholders and by the Committee on Foreign Investment in the United States as well as other customary closing conditions. The transaction is expected to close in Q2 of 2019, subject to approval by UQM's shareholders and CFIUS.