Hexagon Composites ASA (OB:HEX) signed an agreement to acquire the remaining 50% stake in Agility Fuel Solutions LLC from Cummins Inc. (NYSE:CMI), Element Management LP and Agility Fuel Solutions LLC's founders for approximately $120 million on November 8, 2018. The transaction is fully financed through a secured facility with DNB Bank ASA. The transaction values Agility's equity at $250 million on a 100% basis. For the year ending December 31, 2017, Agility reported revenues of $157.3 million, with adjusted EBITDA of $14.7 million, EBIT of $0.5 million, total assets of $235.8 million and equity of $201.7 million. The current Board of Directors at Agility representing Hexagon will continue in their capacity until further notice. Other existing Board members not representing Hexagon will resign upon closing. The transaction is subject to third party approvals and antitrust regulations, and is expected to close in January 2019. The acquisition is expected to be significantly accretive to Hexagon's consolidated results. Small, Adam and Klatzkin, Joshua of Goodwin Procter LLP acted as legal advisor to Agility Fuel Solutions LLC in the transaction.

On November 29, 2018, the acquisition received antitrust approval. Keith S. Crow, Katherine E. Gause, Brian T. Valcarce, Lee K. Morlock, Matthew Lovell, Michael G. Falk and Scottie Shermetaro of Kirkland & Ellis LLP acted as legal advisor to Hexagon Composites ASA.

Hexagon Composites ASA (OB:HEX) completed the acquisition of remaining 50% stake in Agility Fuel Solutions LLC from Cummins Inc. (NYSE:CMI), Element Management LP and Agility Fuel Solutions LLC's founders on January 4, 2019.