On January 31, 2008, Ballard Power Systems (“Ballard”) completed the sale of its automotive fuel cell research and development assets to Daimler AG (“Daimler”) and Ford Motor Company (“Ford”). In consideration, Ballard received and cancelled 34.3 million shares held by Daimler and Ford, valued at approximately $168 million.
Daimler and Ford will manage and fund automotive fuel cell technology development programs through a new private company located at Ballard's facilities. Daimler and Ford will contribute $60 million to the new private company and Ballard will invest $60 million. The value of Ballard's investment in the new private company is protected by a purchase/sale option agreement with Ford for $65 million plus interest.
Stikeman Elliott LLP acted for Ballard with a team led by John Anderson, which included John Stark, Amyn Abdula, Simon Biancardi, Shawn Neylan, Stuart McCormack and Janet Pini. Lawson Lundell LLP advised the independent committee of Ballard's board with a team that included Jerry Schramm, Michael Lee and Lana Shipley.
Goodmans LLP acted for Daimler with a Vancouver-based team led by Bruce Wright and Maria Davidson, which included Douglas Bolton, Brigham Jagger, and Richard Annan, Joe Latham and Amalia Trister of Goodmans' Toronto office. Blake, Cassels & Graydon LLP represented Ford with a team led by David Jackson.