Pyrolyx AG (DUSE:S26) signed a non-binding term sheet to acquire Carbon Clean Tech AG in cash and stock on February 12, 2015. Under the terms of the transaction, cct Stegelitz GmbH, a fully owned subsidiary of Carbon Clean Tech, will be incorporated into Pyrolyx AG by way of a capital increase. The deal is financed by issuance of Pyrolyx convertible bonds and a cash capital increase with an issue price of €103 per share. Under the terms cct shareholders shall be issued 104,000 shares of Pyrolyx through a capital increase in kind. In exchange Carbon Clean Tech will receive shares corresponding to a share of 16.6% of the share capital of Pyrolyx AG and the total value of cct Stegelitz GmbH will be compensated with an additional cash component. Through this agreement, Carbon Clean Tech Founders and shareholders will remain involved in continuing to build the combined company. Carbon Clean Tech's current Chief Executive Officer, Philipp Theden, will join Pyrolyx AG's Executive Board. All current Carbon Clean Tech's employees will be an integral part of the newly formed Pyrolyx group.

The term sheet has been agreed upon by all Carbon Clean Tech shareholders and the Pyrolyx AG Supervisory Board. Completion of the transaction is scheduled for end of April 2015, and the full integration of Carbon Clean Tech into Pyrolyx AG by the end of the 2nd quarter 2015. As of May 21, 2015, notarial purchase contract for the transaction was signed. The closing of the transaction is expected in the near future.