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Spark Power will use proceeds from Bullfrog sale for debt paydown
Chicago, Oct. 28 – Spark Power Group Inc. announced the $35 million sale of its Bullfrog Power Inc. business unit, inclusive of an earnout of up to $3.5 million, payable over a maximum of five years.
Proceeds from the transaction are expected to be used to reduce Spark Power’s debt, according to a press release.
The transaction is expected to close on or about Nov. 15, subject to the purchaser securing financing and other customary closing conditions.
Spark Power is an Oakville, Ont.-based provider of electrical contracting and energy sustainability solutions.
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