Major Sale of Hydrogen Technology Companies in Wall Township
Key Ideas
- George and Gregory Coates, owners of Advanced Hydrogen Power and Coates International, sell companies and patents for $400 million USD.
- Majority of the sale proceeds go to sellers, with a portion allocated for working capital, expansion, and broker fees.
- Buyer undisclosed, but sellers plan to remain with the companies to oversee manufacturing operations.
- For more information, interested parties can contact the companies via their website, email, or phone number.
In a significant business deal, Mr. George J. Coates and his son Gregory G. Coates, the CEO and VP of Advanced Hydrogen Power, Ltd. and Coates International Ltd., have successfully sold their companies and all associated technologies and patents for a whopping $400 million USD. The buyers, a private bank whose identity remains confidential, have agreed to the purchase terms. The agreement outlines the division of the sale amount with $300 million allocated to the sellers, $75 million to the companies for operational needs and expansion, and $25 million designated for broker fees. Noteworthy is the commitment of George and Gregory Coates to stay on board post-acquisition to facilitate the establishment of manufacturing operations. More details regarding this transaction are expected to be revealed in the near future. For those seeking additional information, they are encouraged to reach out to the companies through their website, email address, or phone number.