New Energy Systems Group (NEWN.OB) to Acquire Shenzhen NewPower Technology Co., Ltd. for $14.7 Million in Cash and Stock
New Energy Systems Group, a manufacturer and distributor of battery components in China, recently announced that the company has entered into an agreement to acquire Shenzhen NewPower Technology Co., Ltd. for $14.7 million in cash and stock. The transaction, comprised of $3 million in cash and 1.8 million shares of New Energy’s common stock with a value of $11.7 million at $6.42 per share, is set to be completed by the end of 2009. Founded in 2004, Shenzhen NewPower Technology Co. is a rapidly growing manufacturer of lithium ion batteries. The company expects to generate revenue of approximately $20.1 million…