Water technology company Xylem has completed its acquisition of Evoqua Water Technologies, a provider of water treatment solutions and services.
Xylem says the US$7.5bn all-stock transaction creates the world’s most advanced platform of capabilities to address customers’ and communities’ critical water challenges. Xylem provides water and pump technology provider for global industries including quarrying.
Patrick Decker, president and CEO of Xylem, says that the combination with Evoqua creates a global platform to solve critical water challenges at an even greater scale.
He adds: “Global awareness of water as a systemic risk to society has never been greater. Investment in water solutions continues to accelerate as communities and businesses around the world address intensifying challenges like water scarcity, quality and resilience to climate change – and how to address these issues in an affordable way.”
Washington, D.C.-based Xylem says the combined company becomes the world’s largest pure-play water technology company, with US$7.3bn in pro forma revenue and more than 22,000 employees globally. Xylem adds that its portfolio of solutions across the water cycle, including advanced technologies, integrated services, and deep application expertise, will help customers in utilities, industrial and commercial end markets address their most pressing water needs.
The combined company’s executive leadership team will be led by Patrick Decker and include senior leaders from both Xylem and Evoqua. Xylem has also appointed Lisa Glatch and Lynn Swann, former Evoqua directors, to serve as members of its board of directors. Glatch brings a strategic and financial perspective and more than 30 years’ experience in senior leadership roles across the public and private sectors in the energy, chemicals, environmental, water and transportation industries. Swann has held various leadership roles across business, government, and philanthropic organizations and is an experienced member of public company boards.
Under the terms of the transaction, each share of Evoqua common stock was converted into the right to receive 0.48 of a share of Xylem common stock. This results in Xylem shareholders owning approximately 75 percent and Evoqua shareholders owning approximately 25 percent of the combined company on a fully diluted basis.
