On January 31, 2018, Xylem Inc., a leading global water technology company, completed the acquisition of Pure Technologies Ltd. for $9.00 per share in cash, representing an enterprise value of $509 million. The transaction, initially announced on December 11, 2017, was effected by way of a plan of arrangement under the Business Corporations Act (Alberta).
The acquisition is expected to strengthen Xylem’s position as a leading provider of intelligent solutions that address the water industry’s most persistent problems, with Pure Technologies’ solutions strongly complementing the broader Xylem portfolio and bringing greater scale to Xylem’s growing data analytics and software-as-a-service capabilities.
Xylem was represented in the United States by Gibson, Dunn & Crutcher LLP with a team that included Barbara Becker, Saee Muzumdar and Phillip Sanders (M&A); and in Canada by Stikeman Elliott LLP with a team that included John Leopold, Maxime Turcotte, David Tardif and Antoine Champagne (M&A and securities), Frank Mathieu and Nicolas Grenier (tax), Paul Collins, Shawn Neylan, Michael Kilby (regulatory) and Geoffrey Holub (court approval).
Pure Technologies was represented internally by Nicole Springer, Chief Legal Officer & Corporate Secretary and externally by McCarthy Tétrault LLP with a team that included Catherine Samuel, Gordon Cameron, Farhiyah Shariff, Melissa Colborne, Niki Gill (M&A and securities), Dominic Thérien (regulatory), Robert Nearing (tax), Ben Aberant (employment), Vincent Yip (intellectual property) and Sean Smyth and Lyndsey Delamont (court approval); and in the United States by Husch Blackwell LLP with a team that included John Brungardt and Victoria Sitz (regulatory).
A special committee of the board of directors of Pure Technologies was represented by Osler, Hoskin & Harcourt LLP with a team that included Andrea Whyte and Justin Sherman.