Culligan has agreed to acquire US-based water company AquaVenture Holdings for approximately $1.1 billion, in an all-cash transaction worth $27.10 per share.
The transaction has been unanimously approved by AquaVenture’s board of directors and is expected to close in early April 2020, subject to the approval of AquaVenture shareholders and the regulatory authorities.
According to Culligan, AquaVenture will join Culligan’s water service and solutions platform as a privately held company once the transaction is completed.
AquaVentures’ business portfolio includes two operating platforms: Quench and Seven Seas Water. Quench offers point-of-use filtered water systems and related services to more than 55,000 customers across the US and Canada, while Seven Seas Water provides desalination and water treatment solutions to municipal, industrial and hospitality customers throughout the Americas.
The Quench business arm has made a number of significant acquisitions in the recent past, including the purchase of Pure Planet Water and Jonli Water Services in December 2019, the acquisition of Carolina Pure Water in July 2019 and the purchase of Pure Health Solutions for $57.6 million in December 2018.
Scott Clawson, CEO of Culligan said: “AquaVenture is a leading player in water purification solutions with a strong record of innovation.
“We are excited to work with the AquaVenture team and look forward to the many opportunities ahead.”
Anthony Ibargüen, President and CEO of AquaVenture added: “We are pleased to reach this agreement to join forces with Culligan and its leading presence in the global water industry, and believe it delivers compelling value to all AquaVenture stakeholders.
“Our leadership team is proud of the development and success of AquaVenture, and excited for what our employees can accomplish in partnership with Culligan in the future”.
By Martin White
Source: FoodBev
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