Cummins Inc. (NYSE:CMI) agreed to acquire 18.6% stake in Hydrogenics Corporation (NasdaqGM:HYGS) from The Hydrogen Company for $53.1 million on June 28, 2019. Under the transaction, Cummins Inc. will acquire 3.54 million shares of Hydrogenics Corporation in exchange for class B common shares in the capital of a subsidiary of Cummins Inc. on a one-for-one basis. The class B common shares will be issued at a deemed issue price of $15.00 per class B common share. In a related transaction, Cummins Inc. entered into an arrangement agreement to acquire 81.4% stake in Hydrogenics Corporation from Fuzhou Bonded Zone Hejili Equity Investment Limited and others for approximately $240 million.

Cummins Inc. (NYSE:CMI) completed the acquisition of 18.6% stake in Hydrogenics Corporation (NasdaqGM:HYGS) from The Hydrogen Company on September 9, 2019.