Danbury, Connecticut-headquartered FuelCell Energy, Inc. (FCE), announced, on August 4, 2003, it would acquire Calgary-based Global Thermoelectric Inc., a developer of solid oxide fuel cell technology, in an all-stock exchangeable share transaction valued at approximately US$132 million (based on the closing price of FCE common stock on the NASDAQ as of the effective date of the arrangement). The transaction closed on November 3, following shareholder and court approval of the plan of arrangement involving Global Thermoelectric’s shareholders.
The FCE proposal was determined by Global Thermoelectric’s board to be financially superior to a pre-existing agreement with Quantum Fuel Systems Technologies Worldwide Inc. Global Thermoelectric terminated the agreement with Quantum Fuel Systems and has paid a US$2 million break fee.
FuelCell Energy was represented in Canada by Stikeman Elliott LLP in New York, Toronto and Calgary, with a team that included Ken Ottenbreit, Brian Pukier, Christopher Nixon, John Lorito, Maurice Swan, Amanda Linett, Philippe DeMontigny, Linda Garratt and Scott Davidson; and in the US by Robinson & Cole LLP in Stamford, Connecticut, with a team that included Richard Krantz, Matthew Frost and Kevin Sullivan.
Global Thermoelectric was represented in Canada by Bennett Jones LLP, with a team that included Perry Spitznagel, John MacNeil, Neil Stevenson, Martin Kratz, Brent Ludwig, Jon Truswell, Anthony Friend, Q.C., Mike Theroux, Darcy Moch and Stan Ebel; and in the US by Dorsey & Whitney LLP, with a team that included Chris Barry, Yosbel Ibarra and John Hollinrake, Jr.