July 2, 2010 / 1:58 PM / in 7 years

UPDATE 1-Westport buys Italy's OMVL, 51 pct stake in Juniper

* Says total deal value 19 mln euros

* Says now owns 100 pct in Juniper Engines

July 2 (Reuters) - Canada’s Westport Innovations Inc WPT.TO WPRT.O agreed to buy Italy’s OMVL SpA and OMVL’s 51 percent stake in Juniper Engines Inc for 19 million euros ($23.77 million), to expand in the light-duty engines segment.

Juniper, a joint venture between wholly owned subsidiaries of Westport Innovations and Italy’s SIT Group, will now become indirectly wholly owned by Westport.

OMVL, a division of SIT Group, specializes in the alternative fuel vehicles sector. OMVL generated revenue of $23.4 million in 2009.

Westport, which provides natural-gas engines serving the medium- and heavy-duty vehicle markets, said it expects to pay 11.4 million euros on closing of the deal, expected Friday, and 7.6 million euros on the third year of the closing date.

Westport also said it would finance the deal through a combination of proceeds from a recent warrant offering and general operating funds.

Shares of the company were trading down 8 Canadian cents at C$16.67 Friday on the Toronto Stock Exchange. ($1=.7992 Euro) (Reporting by Arnika Thakur in Bangalore)

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