LONDON (dpa-AFX) - Hunting Plc. (HTG.L) announced the acquisition of the Organic Oil Recovery technology from its founding shareholders, for a consideration of $17.5 million. Hunting also agree to pay a 15% royalty to sellers on revenue earned for a period of 15 years, post-completion.
Hunting has acquired the entire portfolio of intellectual property, comprising over 25 discreet patents, the distribution rights for the technology, and the laboratory located in California, US.
Following the acquisition, the Company will hold the global rights for the Organic Oil Recovery technology and is now well placed to further accelerate commercialisation across North America and the rest of the world.
Hunting Plc noted that all technical employees of the Organic Oil Recovery business will join the company either as an employee or long-term consultant.
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