January 26, 2023 | Industrials | North America | Ended

Evoqua Water Technologies / Xylem: Deal Insight

Water technology company Xylem announced on 23-Jan-23 that it has agreed to acquire its peer Evoqua in an all-share $7.5bn merger. Evoqua shareholders will receive 0.48 shares of Xylem for each Evoqua share, initially representing $52.69 per Evoqua share per the M&A announcement (now $49.22). At announcement, the offer implied a 29% premium to the target’s undisturbed price on 20-Jan-23. The deal is subject to approval by shareholders of both companies (50%), and in addition to an HSR condition, potentially any “filings and notices required by the FCC.” We suspect that an FCC notification is due to Xylem’s FlexNet communication network, which offers two-way communication technology for metering services and leverages on FCC-licensed spectrum. The companies have not specified foreign antitrust conditions, but we note that more than half of the acquirer’s sales are from ...

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