At the closing of the transaction, Clean Energy will pay IMW $75m, which will include $15m in cash and approximately $60m in Clean Energy common stock.
The rest will be paid in four additional annual installments of $12.5m each consisting of $5m in cash and approximately $7.5m in cash or Clean Energy common stock to be determined at Clean Energy’s option.
The closing of the transaction is expected in the third quarter of 2010, following which IMW will have separate operations as a subsidiary of Clean Energy.
Clean Energy has deployed IMW compressors and related equipment in many of its 200 stations across the US. IMW’s proprietary technology, which provides oil-free CNG, is claimed to require less maintenance enabling a longer natural gas vehicle life.
Andrew Littlefair, president and CEO of Clean Energy, said: “IMW is a world leader in compression technology with emphasis on the rapidly growing markets in China, Southeast Asia and South America. We are teaming up with the best in the business to drive global NGV expansion.”
“This acquisition transforms Clean Energy both in terms of capability and geographic reach. In the US market, we now can provide integrated, advanced compression technology and station-building for our customers, adding value to our service package and broadening our attraction as a one-stop fueling provider.”
