Friday, September 30, 2016

Active Power Acquired By UK's Langley Holdings

Austin-based energy storage manufacturer Active Power announced this morning that it has entered into an asset purchase agreement with Langley Holdings PLC, a engineering and industrial group based in the UK. According to Active Power, Langley will acquire "substantially all" of its assets and operations, including the Active Power Name. Financial details of the deal were not announced by the company, who said it will receive a "nominal purchase price" plus assumption of all debt, liabilities, customer, employee and purchase commitments going forward. Langley is a $1.1 billion, privately held engineering and industrial group based in the United Kingdom.