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Westport Closes Second Tranche of Cartesian Investment
Westport Closes Second Tranche of Cartesian Investment Westport Closes Second Tran...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n\nWestport Closes Second Tranche of Cartesian Investment\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nWestport Closes Second Tranche of Cartesian Investment\nCanada NewsWire\nVANCOUVER, April 20, 2016\n\n\n\n~Cartesian Capital Group purchases Westport Hong Kong economic interest citing long-term view of natural gas vehicle market in China~\n\n\n\nVANCOUVER, April 20, 2016 /CNW/ - Westport Innovations Inc. (TSX:WPT / NASDAQ:WPRT) (\"Westport\"), engineering the world's most advanced natural gas engines and vehicles, today announced that it has sold a derivative economic interest (the \"Derivative\") in its Hong Kong holding company, Westport Hong Kong Ltd. (\"Westport HK\"), to Cartesian Capital Group (\"Cartesian\") for an upfront payment of US$6.3 million plus a potential future payment based on Cartesian's return on investment. Westport previously announced its plans to enter into an asset sale transaction with Cartesian and its affiliates in a press release dated January 11, 2016.\n\nThe Derivative grants Cartesian the option to acquire a direct equity ownership interest in Westport HK on or after April 19, 2017, the first anniversary of the closing of the sale of the Derivative. The Derivative relates to the performance of a portion of Westport HK's assets over time. Westport retains the rights to the anticipated income from Westport HK during the period prior to any exercise of the option, subject to Westport making certain payments to Cartesian. In addition to the US$6.3 million being paid to Westport, Cartesian has agreed to pay Westport 30% of any incremental value of the Derivative realized by Cartesian above a minimum threshold relative to the acquired economic interest in Westport HK. For competitive reasons, further details will not be disclosed at this time.\n\n\"We are pleased to expand our relationship with Westport and its business in Asia as we believe there is a tremendous long-term potential for natural gas vehicles in this region, particularly in China,\" said Peter Yu, Managing Partner of Cartesian. \n\n...