U.S. engineered hydraulic and electronic systems maker Danfoss Power Solutions, a wholly-owned subsidiary of Denmark’s Danfoss A/S, has agreed to buy all outstanding common shares of electrical motors to generators manufacturer UQM Technologies for about $100 million.
UQM Technologies said that the acquisition will boost its position to compete with other international players, expand to new markets, and provide critical resources for UQM to continue developing its highly-engineered electric propulsion products.
Danfoss expects the deal to position the company for an even stronger performance in the industries it serves. With the merger, UQM Technologies will become part of the Danfoss Power Solutions segment.
The transaction is predicted to be finalized in the second quarter of 2019, subject to approval by UQM’s shareholders and Committee on Foreign Investment in the United States.