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WALL TOWNSHIP, NJ - Coates International Ltd. (market cap: $157.02M) and its subsidiary, Advanced Hydrogen Power, Ltd., announced today that they have entered into a contractual agreement to be acquired for $400 million. The company, which generated $112.13M in revenue with impressive 94.4% gross margins, will be sold by majority owners, CEO George J. Coates and his son, VP Gregory G. Coates, including all related technologies and patents.
The buyer is a private bank, whose identity has not been disclosed. According to InvestingPro analysis, the company is currently trading below its Fair Value, making this acquisition particularly noteworthy. As part of the agreement, both George and Gregory Coates will remain with the companies to oversee the establishment of manufacturing operations.
The financial terms of the deal include a $300 million payment to the sellers, an allocation of $75 million to the companies for working capital and expansion, and $25 million in broker fees.
This acquisition marks a significant transaction in the energy technology sector, though further details about the implications of the sale for the companies’ operations and their existing and potential clients have not been provided.
The statement released today is based on a press release from Coates International Ltd. and has not been independently verified. Further updates on the acquisition and its progress are expected to be announced in the near future.
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