By Renée Francoeur
November 25, 2015 – UGE International Ltd. says it has entered into an agreement to acquire all of the issued and outstanding equity shares of Endura Energy Project Corp., a Toronto-based renewable energy company.
UGE plans to “leverage Endura’s project implementation platform to expand its capabilities and accelerate renewable energy project deployment in the U.S., Panama, Philippines, and China.” With the acquisition, UGE will have a “significant market share in Canada as well,” the company noted.
The combined company will be led by Nick Blitterswyk, UGE CEO, and retain its corporate HQ in New York City. Cameron Steinman, president of Endura, will become chief strategy officer of the combined entity
In consideration for the Endura Shares, UGE said it will pay $1 million in cash on closing of the acquisition, and issue 8,888,888 common shares of UGE to the seller (the “Payment Shares”). A portion of the cash consideration of the transaction will be paid to Endura employees after closing.
A closing date is expected sometime in January 2016, according to UGE, and the cash portion of the acquisition is expected to be paid through senior bank debt.