H2O Innovation (TSX:HEO) shares surged on Wednesday after the water solutions company announced that it is being acquired by New York-based private equity firm Ember Infrastructure in a transaction that values the company at $395 million.
The Québec City-headquartered company said its shareholders will receive $4.25 per share, in cash, representing a 68% premium to the closing price of its shares on October 2, 2023.
This also represents a 26% premium to the stock’s 52-week high price on the Toronto Stock Exchange of $3.37 achieved on July 4, 2023.
The company said Ember has committed to continue employing H2O’s executives and maintaining its head office and substantially the same number of employees in the province of Québec.
Shares of H2O Innovation (TSX:HEO) gained 66.66% to US$3.05 in the early afternoon on Wednesday.
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