German SFC Energy to acquire Dutch PBF Group

Oct 21, 2011 - German fuel cell firm SFC Energy AG (ETR:F3C) announced today it had signed a contract to acquire Dutch PBF Group, which specialises in switched mode power supplies and higher level power management solutions.

The move is part of SFC's strategic reorientation as a systems provider, the German company said.

The purchase price stands at EUR 9.35 million (USD 12.9m) and consists of EUR 6 million in cash, 350,000 new SFC shares and a performance-related earn-out payment of up to EUR 1.35 million in cash.

PBF, which employs around 100 workers, generated unaudited revenue of around EUR 9 million in 2010. The Dutch company is expected to book revenue of between EUR 12 million and EUR 13 million for 2011.

(EUR 1.0 = USD 1.378)

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