GridSense Systems Incorporated
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Acorn Energy to acquire remaining 69% stake in GridSense Systems - Zibb.com
Nov 06, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
Acorn Energy, Inc., a US-based provider of software consulting and development services, has entered into a binding letter of intent to acquire the remaining 69% of GridSense Systems, Inc., a Canada-based designer, developer and distributor of remote monitoring and control systems for electric utility grids.
The transaction includes payment of cash, Acorn stock, conversion of Acorn loans to GridSense stock, and management performance incentives for 2010. Following the acquisition, Acorn will hold a 100% stake in GridSense.
The transaction is expected to close on January 5, 2010.
Deal Type Acquisition Sub-Category Majority Acquisition Deal Status Announced: 2009-11-05
Deal Participants
Target (Company) GridSense Systems, Inc. Acquirer (Company) Acorn Energy, Inc.
% Acquisition 69%
Tags: acquisition canada consulting distributor electric utility energy software
Companies: Acorn Energy Inc (ACFN), Gridsense Systems Inc (GRDJF)
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