Younicos Inc. acquired the assets of Xtreme Power, Inc. for $14 million.
April 11, 2014 at 05:00 am
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Younicos Inc. agreed to acquire the assets of Xtreme Power, Inc. for $14 million in cash on April 7, 2014. On April 7, 2014, Younicos was declared the winner of the auction for Xtreme Power.
Younicos Inc. signed an asset purchase agreement to acquire of Xtreme Power, Inc. for $14 million in cash on April 11, 2014. At closing, the consideration will be adjusted by the amount of $0.91 million, which amount represents the aggregate proceeds received from Xtreme Power to Younicos in connection with the sale of certain assets by Xtreme Power to third parties. Younicos will also assume certain liabilities of Xtreme Power. On April 11, 2014, the bankruptcy court approved the transaction. Younicos Inc will retain members of Xtreme Power's former management, engineering, business development and operations team.
Gordian Group LLC acted as financial advisor for Xtreme Power. Steven Tyndall of Baker Botts LLP and Shelby A. Jordan, Nathaniel Peter Holzer and Antonio Ortiz of Jordan, Hyden, Womble, Culbreth & Holzer, PC acted as legal advisors for Xtreme Power. John Simon and Omar Lucia of Foley & Lardner LLP acted as legal advisors for Younicos.
Younicos Inc. completed the acquisition of the assets of Xtreme Power, Inc. on April 11, 2014.
Posco DX Co Ltd, formerly Posco ICT Co Ltd, is a Korea-based company mainly engaged in the provision of engineering and information technology (IT) services. The Company provides consulting services, such as business consulting and consulting on solutions; information and communications technology (ICT) services, such as establishment of information systems, network integration, ICT outsourcing services and others; engineering services and automation services, as well as infrastructure services, such as network, data center and cloud computing. Its services are applied in the steel, logistics, railway, environment, energy, airport and other industries. It also involves in the development and maintenance of systems. In addition, the Company manufactures industrial light emitting diode (LED) products.