Toshiba America Energy Systems Corporation entered into an asset purchase agreement to acquire EtaPRO® business of GP Strategies from GP Strategies Corporation (NYSE:GPX) for $44 million on May 8, 2021. The purchase price for the transaction is approximately $40 million in cash, subject to certain closing and post-closing purchase price adjustments set forth in the purchase agreement and an indemnity escrow of $4 million. TAES will acquire the rights to the EtaPRO® name and brand as well as the entirety of GP Strategies’ interests in the EtaPRO® software platform pursuant to an asset purchase agreement. Upon closing, TAES will integrate EtaPRO® employees into its operations and will continue operating existing EtaPRO® office locations. Closing of the transaction is subject to customary closing conditions, including a review by the Committee on Foreign Investment in the United States , and is anticipated to occur by the third quarter of 2021. Mitsuhiro Kamiya of Skadden, Arps, Slate, Meagher & Flom LLP acted as a legal advisor to Toshiba America Energy Systems Corporation. Kelly Tubman Hardy, Robert Baldwin, Anne Salladin, Tim Lyden, Cullen Taylor, Scott Loughlin, Aleksandar Dukic, Michael Kaplan, Scott Reisch, Carin Carithers, Christine Lane, Michael DeLarco, Lillian Tsu, Isabel Carvalho, Ann C. Kim, Lisa Botha, Sarah Shaw, Robert Fleu, Tabitha Buchanan, Andrew Klump, Zachary Sterling and Michael Kuh of Hogan Lovells acted as legal advisors to GP Strategies Corporation. Lincoln International LLC acted as financial advisor to the Toshiba America Energy Systems Corporation. Toshiba America Energy Systems Corporation completed the acquisition of EtaPRO® business of GP Strategies from GP Strategies Corporation (NYSE:GPX) on October 1, 2021.