Green Automotive Co. (OTC: GACR) will buy Newport Coachworks in a deal valued at roughly $13 million.
Green Automotive will acquire all of Newport Coachworks stock in exchange for an undisclosed number of its own shares. The buyer will also provide Newport Coachworks with financing to expand its manufacturing facilities and invest in new product development.
The target manufactures busses and limousines.
Green Automotive, headquartered in Newport Beach, Calif., aims to convert, import and distribute eco-friendly vehicles that use electricity or alternate forms of fuel.