News
Nov 20, 2009Magma Energy Acquires 8.62% Stake in HS Orka from Geysir Green Energy
(Source: Datamonitor) Canada-based Magma Energy, a geothermal power company, has finalized an agreement to acquire from Geysir Green Energy an 8.6% stake in HS Orka, a geothermal company in Iceland, for approximately $20 million.
The agreement provides that Magma will purchase a further 2.16% share in HS Orka for approximately $5 million payable by March 31, 2010.
Magma also holds an option to acquire an additional stake in HS Orka by making a capital infusion of $15 million into HS Orka at any time in the next two years. A previously announced agreement to purchase a 32% stake in HS Orka is expected to close in late November 2009.
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