H2O Innovation announces the completion of the previously announced acquisition by Ember SPV I Purchaser Inc., an entity controlled by funds managed by Ember, a New York-based private equity firm, of all of the issued and outstanding common shares in the capital of H2O Innovation, other than the Shares rolled over by Investissement Québec (“IQ”), Caisse de dépôt et placement du Québec and certain key executives of the Corporation, for C$4.25 in cash per Share, pursuant to a statutory plan of arrangement under the Canada Business Corporations Act.
“Closing this transaction marks the start of an exciting chapter for H2O Innovation, as we continue our expansion with the resources and expertise that our new partners at Ember can bring to the Corporation and our customers,” said Frédéric Dugré, President, Chief Executive Officer and co-Founder of H2O Innovation. “Together, we are well positioned to accelerate our organic growth and make strategic acquisitions that will further enhance our customer offering, enabling them to more efficiently use and protect our shared water resources. Today, our nearly 1,100 employees, united by our strong corporate culture, join me in the pursuit of continued growth and the enthusiastic undertaking of the opportunities ahead.”
“We at Ember see an important and attractive opportunity to support H2O Innovation’s management in continuing to build a leading integrated water solutions company, focused on providing best-in-class technologies and services to its customers,” said Elena Savostianova, Founder and Managing Partner of Ember. “Communities and businesses alike are faced with strained water resources as a result of climate change, new requirements associated with increased regulation, and stakeholder demand for improved resource stewardship. We believe H2O Innovation is very well positioned to meet these needs for its customers as it continues to grow its footprint and the scope of its solutions.”
H2O Innovation announces the completion of the previously announced acquisition by Ember SPV I Purchaser Inc., an entity controlled by funds managed by Ember
Consideration for the purchased Shares has been remitted to TSX Trust Company, as depositary under the Arrangement, and will be paid to former shareholders of H2O Innovation as soon as reasonably practicable after the date hereof (or, in the case of registered shareholders, as soon as reasonably practicable after a properly completed and signed letter of transmittal is received by the depositary together with the Share certificate(s) representing Shares formerly held by them, if applicable). Currency conversion charges may apply for converting the Consideration payable to shareholders whose Shares are admitted for trading on the multilateral trading facility of Euronext Growth in Paris (“Euronext Growth”) or on OTCQX into euros or US dollars, as applicable.
As a result of the completion of the Arrangement, the Shares will be delisted from the Toronto Stock Exchange and Euronext Growth and withdrawn from OTCQX shortly after the date hereof. The trading of the Shares (ISIN code CA4433003064) on Euronext Growth has been suspended effective at 8:00 a.m. (Paris time) today. The suspension will remain in effect until the delisting of the Corporation’s Shares from Euronext Growth, which is expected to be completed on December 13, 2023. The Corporation will also apply to cease to be a reporting issuer in all the provinces of Canada. H2O Innovation’s annual meeting of shareholders, previously scheduled to be held on December 22, 2023, has been cancelled in light of the completion of the Arrangement.
