DRAPER — Alternative fuels company Headwaters Inc. said Thursday it has signed definitive agreements to acquire Hydrocarbon Technologies Inc., headquartered in Lawrenceville, N.J.
The transaction has a purchase price of about $14.5 million comprised of stock and cash, plus the assumption and retirement of $1.5 million of HTI debt.
The acquisition is expected to close in the next 90 days.
HTI was formed in 1943 as Hydrocarbon Research Inc.
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Headwaters uses its alternative fuels business to generate a royalty stream used to acquire and expand new business opportunities.