Federal regulators approve UQM merger with Danfoss

LONGMONT — A federal regulatory group has cleared the way for Longmont-based UQM Technologies Inc. (NYSE American: UQM) to complete its $100 million merger with Danfoss Power Solutions (US) Co., a wholly owned subsidiary of Denmark-based Danfoss A/S.

With approval by the Committee on Foreign Investment in the United States — which reviews foreign investment in U.S. companies — the deal is expected to close July 31. Danfoss will acquire UQM common stock from shareholders for $1.71 per share.

UQM, a developer of alternative-energy technologies, announced the proposed merger in January. That deal came after the Committee on Foreign Investment in the United States told the company in May 2018 that it would likely not approve a previous deal for UQM to secure a $28.3 million investment from a Chinese company.

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UQM had anticipated that the Danfoss deal would be completed in the second quarter of 2019. But the CFIUS in June extended its investigation, pushing the approval to the third quarter.

UQM is based in Weld County but carries a Longmont address.