Evoqua to merge with Xylem in $7.5 billion all-stock transaction
Clients Evoqua Water Technologies Corp.
Jones Day is advising Evoqua Water Technologies Corp. (NYSE: AQUA) in its $7.5 billion stock-for-stock merger with Xylem Inc. (NYSE: XYL).
Under the terms of the agreement, Evoqua stockholders will receive a fixed exchange ratio of 0.48 shares of Xylem common stock for each share of Evoqua common stock they hold at the closing of the transaction. Post-closing, current Xylem stockholders will own approximately 75 percent of the combined company on a fully diluted basis, while Evoqua stockholders will own approximately 25 percent.
Two mutually agreed upon members of the Evoqua Board of Directors will join the Board of the combined company. The merger is expected to close later this year, subject to the satisfaction of customary closing conditions, including receipt of certain regulatory approvals as well as approval of the respective stockholders of both Evoqua and Xylem.