Hopium negotiates the acquisition of an industrial company valued at €10 to €15 million
The hydrogen solutions provider has entered into exclusive negotiations to acquire an industrial company in southern Europe.
The transaction, still subject to conditions, is part of a diversification strategy and could change the scale of the group.
Exclusive negotiations following a letter of intent
Hopium announced on September 9, 2026 that it had entered into exclusive negotiations to acquire a European industrial company, following the signing of a non-binding letter of intent.
The target specializes in technical services for the energy, heavy industry and infrastructure sectors. It operates in the fields of engineering and industrial installation for clients with demanding technical requirements.
Based in southern Europe, it employs several hundred employees and operates in its domestic market as well as internationally. Its customer base consists of leading industrial players.
Based on the information communicated at this stage, the target should record revenue between €25 million and €35 million in 2026, growing by more than 20%. It would also display positive operating results and cash flows that are improving.
The project under review concerns the acquisition of the entire capital of the target company. According to the press release, approximately 50% of 2026 revenue comes from projects related to the hydrogen industry.
A valuation of €10 to €15 million largely supported by earn-outs
The discussions are based on a total valuation of between €10 and €15 million. This amount includes a payment upon completion of the transaction and several price adjustments (earn-outs).
These earn-outs are conditional on achieving financial performance objectives over the coming years and could represent more than two-thirds of the total valuation.
According to Hopium, this structure aims to ensure lasting alignment of interests between the company and the current shareholder-managers of the target, by linking a significant portion of their compensation to continued development following the acquisition. No payment in Hopium shares is contemplated at this stage.
The completion of the transaction remains subject to several conditions precedent. Subject to their satisfaction, the signing of binding legal documentation could take place before the end of 2026. The parties have agreed to a four-month exclusivity period allowing Hopium to conduct its preparatory work and audits.
A transaction potentially subject to reverse acquisition rules
Hopium recalled that any acquisition transaction remains subject to risks, with completion depending in particular on the signing of binding legal documentation at the end of the exclusive negotiation period.
Given the significant nature of the transaction, both in terms of the size of the target and its sectoral positioning, the acquisition could fall under the reverse acquisition rules published by Euronext on March 3, 2025. This situation would require the preparation of additional stock market documentation.
According to the press release, Hopium has already contacted Euronext teams on this matter. Thomas Picquette, Chief Executive Officer, indicated that this entry into exclusive negotiations constitutes a step in the group's industrial diversification strategy.
