Advent Technologies Holdings (ADN) has signed a definitive agreement to acquire the fuel cell systems businesses of fischer Group for €52 million. The deal is likely to close in the third quarter of 2021. fischer Group is a leading global supplier of longitudinally welded stainless steel tubes and components.
Following the news, shares of the company declined 4.6% to close at $9.34 in Friday’s trading session. However, they recovered modestly and closed at $9.44 in the extended trading session.
Advent Technologies’ consideration of €52 million consists of €15 million in cash and €37 million in shares.
fischer Group’s fuel cell systems businesses comprise of SerEnergy, based in Aalborg, Denmark, and fischer eco solutions GmbH (FES), based in Achern, Germany.
While SerEnergy is engaged in the production of high-temperature polymer electrolyte membrane fuel cells, fischer eco solutions focus on fuel-cell stack assembly and testing, as well as the production of critical fuel cell components.
CEO of Advent Technologies Dr. Vasilis Gregoriou said, “We are excited that Advent has reached an agreement with the Fischer family, which brings some of the world’s leading high-temperature fuel cell providers to our company and will contribute to our business momentum. We look forward to partnering closely with the SerEnergy and FES teams in the coming weeks as we work toward closing the transaction. The transaction is expected to accelerate the implementation of our business plan and to expand Advent’s growing revenue base in full fuel cell stacks and systems.” (See Advent Technologies stock chart on TipRanks)
On May 28, Jefferies analyst Laurence Alexander assigned a Buy rating to the stock with a price target of $18 (92.7% upside potential).
The stock has a Moderate Buy consensus rating based on 2 Buys. The average Advent Technologies analyst price target of $18.50 implies 98.1% upside potential from current levels. Shares have declined 9.6% over the past year.
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