Highland portfolio company rebuffs agreement

Amp Resources, a portfolio company of Highland Capital Partners, has terminated an agreed-upon acquisition by Raser Technologies, but Raser is fighting to stay in the game.

Raser Technologies, an energy company that develops and licenses advanced electric motor technologies, has issued a press release saying it is disputing the termination of a deal it reached with Amp Resources, a portfolio company of Highland Capital Partners.

The Salt Lake City-based power generation technology company terminated an acquisition agreement with Raser on June 16, saying the agreement provided for the ability to cancel the agreement after June 15 if certain conditions were not met. In response, Raser has issued a press release saying that it does not believe the termination conditions have been met, and that the two companies remain in active dialogue.

Raser first announced the agreement in January. Raser was to pay Amp stakeholders up to 10 million shares in Raser stock and about $38 million in cash. Raser also agreed to assume $50 million in Amp debt. Raser could gain about $996 million in Amp contracts over the next 20 years if the deal goes through, as well as the company’s portfolio of technologies.

Highland managing general partners Dan Nova and Paul Maeder sit on the board of Amp Resources, but were not available for comment.