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Evoqua stockholders will receive 0.480 share of water technology
company Xylem for each share held, representing a premium of
about 29% based on the shares last close.
Xylem, which manufactures equipment used in water and wastewater
applications, in 2016 acquired Sensus USA Inc, a provider of
advanced metering technologies to utilities. Shares of the
company were down nearly 9% in premarket trade.
The deal, which is expected to close in mid-2023, comes amid
rising demand for fresh water due to population growth,
industrial expansion and increased agricultural development.
Pittsburgh, Pennsylvania-based Evoqua operates in more than 150
locations across nine countries and provides wastewater
treatment solutions to industrial, municipal and recreational
customers.
After the deal closes, the combined company will be led by
Xylem’s president and chief executive officer, Patrick Decker.
Lazard and Guggenheim Securities served as financial advisers to
Xylem, while Gibson, Dunn & Crutcher LLP was its legal adviser.
(Reporting by Nathan Gomes in Bengaluru; Editing by Vinay
Dwivedi)
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