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Evoqua Water Technologies Corp. (NYSE:AQUA) shares are trading higher after Xylem Inc. (NYSE:XYL) announced it will acquire the company in a $7.5 billion all-stock transaction.
Evoqua shareholders will receive 0.480 shares of Xylem for each Evoqua share, representing a value of $52.89 per share or a 29 percent premium based on Xylem and Evoqua closing prices as of January 20, 2023. Upon closing, Xylem shareholders will own approximately 75 percent and Evoqua shareholders will own approximately 25 percent of the combined company on a fully diluted basis.
Xylem and Evoqua generated over $7 billion in combined revenue in the 12-month period ending September 30, 2022, with $1.2 billion in adjusted EBITDA.
Xylem is a global water technology company and Evoqua is a company in mission-critical water treatment solutions and services.
AQUA Price Action: Evoqua has a 52-week high of $48.049 and a 52-week low of $30.44.
Evoqua shares are up 14.1% at $46.81 at the time of publication, according to Benzinga Pro.
