Xebec Adsorption Inc. ("Xebec"), a global provider of sustainable gas solutions, completed the sale of substantially all assets located at its Blainville, Québec facility and its Ontario-based subsidiary Compressed Air International to Ivys Adsorption Inc. on February 24, 2023. Additionally, Xebec sold its equity interest in a Shanghai-based joint venture with Shenergy Group Company Limited to 14791525 Canada Inc., established by Ivys, Inc., a clean fuels infrastructure solutions provider. This transaction was part of Xebec's ongoing sale and investment solicitation process (SISP).

Osler, Hoskin & Harcourt LLP acted as Xebec's legal advisor, with National Bank Financial Inc. serving as its financial advisor. Ivys was represented by i3 Legal Inc. and Kugler Kandestin LLP. The specifics of the transaction's value were not disclosed.

Xebec's proceedings under the Companies' Creditors Arrangement Act (CCAA) and Chapter 15 of the U.S. Bankruptcy Code are managed by Deloitte Restructuring Inc.