Maxim Power Corp. Closes Sale of Maxim Power (USA), Inc. to Hull Street Energy
Maxim Power Corp. (“MAXIM”) (TSX:MXG) announced today that it has closed the sale of 100% of its ownership interest in its wholly-owned subsidiary Maxim Power (USA), Inc. (“MUSA”) to an affiliate of Hull Street Energy, LLC. The agreement to sell MUSA was previously announced on December 23, 2016. The implied enterprise value is approximately $106 million USD inclusive of working capital. Net proceeds to MAXIM after accounting for debt and transaction costs are approximately $84 million USD.