Copernic Inc., operator of the Mamma.com search engine, said Friday that it will pay roughly 3.5 million Canadian dollars ($3.4 million) in cash and stock to get into the waste management equipment business.
The company said it has signed a letter of intent with Canada's Fanotech Manufacturing Group to buy three of its subsidiaries: Fanotech Enviro Inc., Fanotech Waste Equipment Inc. and FanoCore. The companies supply equipment such as garbage trucks and trash bins.
Copernic said the assets mesh with its recent acquisition of Sunbay Canada, a company that coverts waste to energy.
Shares of Canada-based Copernic fell 2 cents to close at $2.61.