Genie Energy Ltd. (NYSE:GNE) signed a binding stock purchase agreement to acquire 80% stake in Lumo Energia Oy from Melanko Ventures Oy, Martin Gustafsson and Otto Sasvasti on December 17, 2018. Genie Energy expects the acquisition to positively impact earnings. Genie Energy Ltd. (NYSE:GNE) completed the acquisition of 80% stake in Lumo Energia Oy from Melanko Ventures Oy, Martin Gustafsson and Otto Sasvasti for €2.3 million on January 2, 2019. Genie Energy paid €1.3 million, €0.2 million to repay a portion of Lumo's outstanding debt and issued 0.176 million shares to sellers. Genie Energy also contributed €1.5 million as a capital loan to fund Lumo's working capital requirements and provided Lumo with a secured loan for €2.0 million to pay off and replace its remaining debt.