New York-based UGE International Ltd. has entered into an agreement to acquire all of the issued and outstanding equity shares of Endura Energy Project Corp., a renewable energy development company with headquarters in Toronto.
UGE says it plans to leverage Endura's project implementation platform to expand its capabilities and accelerate renewable energy project deployment in each of its key markets, which have traditionally included the U.S., Panama, the Philippines and China. With the acquisition, UGE will expand into the market in Canada, as well.
The combined company will be retain its corporate headquarters in New York City and be led by Nick Blitterswyk, CEO of UGE. Cameron Steinman, president of Endura, will become chief strategy officer.
Pursuant to the terms of the agreement, UGE will acquire all of the issued and outstanding common shares of Endura controlled by Cameron and Alison Steinman, the founders of Endura. In consideration of the Endura shares, UGE will pay C$1 million in cash on closing of the acquisition and will issue 8,888,888 common shares of UGE to the seller.
The deal is expected to close in January 2016. The cash portion of the acquisition is expected to be paid through senior bank debt.