Rosemont-based Culligan, a provider of water softeners, water filtration systems and bottled water, has agreed to acquire Tampa-based AquaVenture Holdings Ltd., a provider of water purification, disinfection and desalination systems, in a deal valued at $1.1 billion.
Culligan will pay $27.10 a share for publicly held AquaVenture, as well as assume the company's existing debt. The deal has been unanimously approved by AquaVenture’s board and is expected to close in early April 2020, subject to shareholder and regulatory approvals.
AquaVenture offers point-of-use filtered water systems and related services to more than 55,000 institutional and commercial customers in North America, as well as desalination and wastewater treatment products to governmental, municipal, industrial and hospitality customers throughout the Americas.
“AquaVenture is a leading player in water purification solutions with a strong record of innovation,” Culligan CEO Scott Clawson said in a statement. “We are excited to work with the AquaVenture team and look forward to the many opportunities ahead.”
Culligan has debt financing to support the transaction, along with equity financing provided by investment funds affiliated with Advent International, its private equity owner.
