Star Peak Energy Transition said today it entered into a merger agreement with Stem, which designs and manufactures clean energy storage systems. Star Peak shares popped almost 40 percent on the announcement.
Terms call for each outstanding share of Stem common stock, including common stock held by prior owners of Stem preferred stock to be cancelled and converted into the right to receive a pro rata portion of an aggregate amount of 65,000,000 shares of Star Energy stock. The business combination values the combined company at a $1.35 billion. Read more.
