Energys Group (ENGS) said Wednesday that it entered into a non-binding agreement to acquire a 49% equity interest in Hong Kong-based energy saving technologies and services provider Energys Spectrum.

The consideration to be paid for the stake will be determined by a professional valuator, Energys Group said, but it has paid a refundable deposit of $5.5 million, which will be applied towards the purchase price.

The agreement, which remains subject to negotiation, a definitive agreement and customary closing conditions, provides that the acquisition is to be consummated no later than Dec. 31.

Energys Spectrum, which is the exclusive licensee of Energys Group in Hong Kong and Macau, offers end-to-end solutions aimed at reducing energy consumption, carbon emissions and operating costs for both public and private sector clients, the company said in the announcement.

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