Intelligent Energy Holdings Plc (LSE:IEH) signed a binding agreement to acquire portable fuel cell and disposable fuel cartridge assets from Societe BIC SA (ENXTPA:BB) for €19.5 million on February 27, 2015. Under the terms of the transaction, €11.5 million will be paid at closing and €1.8 million will be deposited in an escrow account at closing to be paid once transition services are completed. The agreement includes a potential earn out up to €6.2 million. Closing is expected by the end of March 2015. Proskauer Rose LLP acted as the legal advisor for Intelligent Energy Holdings Plc.

Intelligent Energy Holdings Plc (LSE:IEH) completed the acquisition of portable fuel cell and disposable fuel cartridge assets from Societe BIC SA (ENXTPA:BB) on April 7, 2015.