On March 31, 2025, Westport Fuel Systems Inc. announced it has entered into a binding agreement to sell its Light-Duty segment, including Westport Fuel Systems Italia S.r.l., to a wholly owned investment vehicle of Netherlands-based Heliaca Investments, supported by Ramphastos Investments Management B.V. The base purchase price is US$73.1 million (approximately C$99.1 million, based on the exchange rate of US$1 = C$1.356 at that time), with potential earnouts of up to US$6.5 million (C$8.8 million) contingent on performance milestones.

The transaction sharpens Westport’s focus on hard-to-decarbonize mobility and industrial sectors, leveraging its High-Pressure Direct Injection (HPDI) technology and its stake in the Cespira joint venture. Proceeds from the sale will be used to strengthen the company’s balance sheet and fund near-term growth initiatives. The deal is subject to shareholder approval and customary closing conditions, with closing expected in late Q2 2025.

Westport was advised by J.P. Morgan as financial advisor, providing a fairness opinion to its board. Legal counsel was provided by Bennett Jones LLP and Delfino Willkie, with Ernst & Young (EY) serving as tax advisor. Heliaca Investments was advised by Gianni & Origoni, NautaDutilh, Wardynski & Partners, and PwC.