NIBE secures court nod to buy WaterFurnace

Aug 22, 2014 - Swedish heating technology firm NIBE Industrier AB (STO:NIBE-B) has received court clearance to take over US geothermal heat pumps maker WaterFurnace Renewable Energy Inc (TSE:WFI), the latter said yesterday.

The approval by the Ontario Superior Court of Justice was the last condition that had to be met before the CAD-378-million (USD 345m/EUR 260m) transaction could be completed. The deal has already been greenlighted by the target’s stockholders. As a result, closing is expected to occur on or about August 25, WaterFurnace noted.

Under the terms of the agreement, reached in June, NIBE will pay CAD 30.60 per WaterFurnace share.

The Indiana-based company manufactures geothermal heat pumps to cut energy usage by buildings for heating, cooling and hot water. The company also makes smart control systems, hot water storage tanks and indoor air quality solutions.

(CAD 1.0 = USD 0.914/EUR 0.688)

Choose your newsletter by Renewables Now. Join for free!