Cummins Inc. (NYSE:CMI) acquired remaining 19% stake in Hydrogenics Corporation from L'Air Liquide S.A. (ENXTPA:AI) for approximately $340 million on June 29, 2023. Cummins Inc. agreed to pay $335 million for 19% ownership, where $287 million will be paid to the former owner and $48 million will be paid for the settlement of shareholder loans. Following completion, Cummins Inc. will acquire full ownership of Hydrogenics Corporation. Morgan Stanley (NYSE:MS) acted as financial advisor for Cummins Inc. and J.P. Morgan acted as financial advisor to L'Air Liquide S.A.

Cummins Inc. (NYSE:CMI) completed the acquisition of remaining 19% stake in Hydrogenics Corporation from L'Air Liquide S.A. (ENXTPA:AI) on June 29, 2023.