UPDATE 1-Clean Energy to buy privately held IMW Industries
* Deal for $125 mln in cash, stock
* IMW shareholders may also receive a pct of gross profit
* IMW to become a unit of Clean Energy
July 6 (Reuters) - Natural gas provider Clean Energy Fuels Corp (CLNE.O) said it will buy privately held IMW Industries Ltd, a supplier of compressed natural gas equipment, for about $125 million in cash and stock to expand its operations in emerging international markets.
IMW, which makes and services advanced natural gas fueling compressors and related equipment, will receive $75 million -- $15 million in cash and about $60 million in Clean Energy common stock -- and four additional annual payments of $12.5 million each in cash and stock, Clean Energy said.
Seal Beach, California-based Clean Energy said it will pay IMW shareholders up to $40 million over the next four years, if gross profit exceeds certain criterion.
British Columbia-based IMW, which also has a manufacturing facility near Shanghai, China, focuses on growing markets in China, Southeast Asia and South America.
It will maintain separate operations as a unit of Clean Energy after the closing of the deal, which is expected in the third quarter.
Shares of Clean Energy closed at $14.47 Friday on Nasdaq. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Anne Pallivathuckal)
- Three dead, two wounded in Pasadena, California shootings
- Israeli commandos clash with Hamas gunmen in Gaza raid |
- Teen survivor of Texas shootings says slain family members 'in much better place'
- Rape and murder of 13-year-old spark debate in junta-ruled Thailand
- Israeli commandos clash with Hamas gunmen in Gaza raid