* 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 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
Shares of Clean Energy closed at $14.47 Friday on Nasdaq.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing
by Anne Pallivathuckal)