Two major companies have joined forces to become one of the largest pure-play water technology ventures in a mega deal.
Xylem completed its acquisition of Evoqua Water Technologies for $7.4 billion in an all-stock transaction.
Xylem shareholders own approximately 75 per cent and Evoqua shareholders own approximately 25 per cent.
The combined company – which will be headquartered in Washington, DC – will be led by Patrick Decker as well as senior leaders from both companies on the executive leadership team.
Decker said the deal was an important moment for the company.
“Today is an exciting milestone as we formally welcome our new colleagues to Xylem and bring the power of our combined capabilities to bear for our customers and communities every day,” Decker said.
“Our complementary portfolios and end market exposure position us even more strongly for growth together, as we solve our customers’ water challenges and help make our communities more water secure.”
Xylem uses technology, expertise and innovation to battle the world’s critical water and wastewater challenges.
It also helps customers to optimise water and resource management issues in more than 150 countries.
Decker said the combination will create an advanced platform to deal with customers’ and communities’ water needs now and into the future.
“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,” said Decker.
“Our combination with Evoqua creates a transformative global platform to solve these critical water challenges at an even greater scale. Together, we are uniquely positioned to help meet customers’ mission-critical needs with an unmatched portfolio of products and services across the water cycle.”