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HEXAGON PURUS Source : Hexagon Purus ASA September 30 , 2021 01:00 ET Hexagon Purus acquires Wystrach , adding industry leading hydrogen systems capacity to its platform , to accelerate the hydrogen transition Hexagon Purus ASA ( " Hexagon Purus " ) , a global leader in zero emission mobility solutions , has entered into an agreement to acquire 100 % of Wystrach GmbH ( " Wystrach ” ) , a leading European systems and solutions provider for storage and transport of compressed gases ( the " Transaction " ) . The combination brings unprecedented expertise and capacity together to create the vertically integrated industry leader in hydrogen storage solutions . Key terms of the Transaction • Purchase price of up to EUR 43.3 million based on an enterprise value of EUR 50.0 million • 35 % of the purchase price to be paid in cash at closing • 35 % of the purchase price to be paid in the form of consideration shares Hexagon Purus at closing at a price per share of NOK 33.4 . The consideration share price represents the volume weighted average price of Hexagon Purus over the last three months prior to signing • • 30 % of the purchase price represents a deferred payment and a contingent earn - out , both payable in cash The Selling Shareholders have agreed to a lock - up agreement for their shareholding . Approximately 10 % of the consideration shares will be released from lock - up after 12 months following closing , another c . 10 % will be released after 24 months and the remaining c . 80 % will be released after 36 months • Closing of the Transaction is expected to take place in the fourth quarter of 2021 , subject to fulfilment of certain closing conditions and customary regulatory approvals About Wystrach • Wystrach is a leading European hydrogen systems provider with over 30 years ' experience in high pressure gaseous storage systems • • Specializes in the design , manufacturing and assembly of hydrogen systems including steel system structures and high - pressure piping . Wystrach is a long - standing customer of and partner to Hexagon Purus Recognized as a leading supplier within both the industrial and transportation segments , serving blue chip customers like Air Liquide , Linde , Alstom and Daimler • Recorded revenues of EUR 24.1 million and EBITDA of EUR 2.1 million in FY 2020 • Headquartered in Weeze , Germany , with 185 employees • Privately owned by Jochen Wystrach and Wolfgang Wolter ( the " Selling Shareholders " ) Strong strategic rationale and industrial fit The Transaction represents a step - change for Hexagon Purus and reinforces its position as a global leader in zero emission mobility solutions . Wystrach will bring significant systems assembly capacity and knowhow and complement the capabilities of Hexagon Purus , improving control of the value chain and accelerating time to market . Combining two industry frontrunners will increase scale , organizational bandwidth and execution