Fusion Fuel Green (HTOO) said Tuesday it has agreed to acquire a roughly 70% stake in Dubai-based Quality Industrial Corp., which operates in the gas supply and services sector.
The acquisition is part of a strategy "to build a full-service energy engineering business, combining capabilities in both the traditional and clean energy sectors," Fusion Fuel said.
To fund the deal, Fusion Fuel said it will issue 19.99% of its ordinary shares along with convertible preferred shares to Quality Industrial stockholders, giving them a roughly 70% stake in Fusion Fuel on an as-converted, fully diluted basis.
Shares of Fusion Fuel fell more than 10% in recent trading.
Price: 0.30, Change: -0.04, Percent Change: -11.24
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