H2O Innovation Inc. completes C$8.9M acquisition of Hays Utility South Corporation by bought deal private placement of C$13M
November 30, 2018
13.00 Million CAD
On November 30, 2018, H2O Innovation Inc. completed its acquisition of Hays Utility South Corporation for C$8.9 million. The acquisition will allow H2O Innovation to expand its business and create more cross selling opportunities across different business lines. Concurrently with the acquisition, H2O completed a C$13 million bought deal private placement whereby H2O issued a total of 15,745,775 common shares directly to the subscribers. The proceeds from this offering were used to fund the acquisition of Hays and pay associated costs, as well as for working capital purposes.
H2O Innovation designs and provides state-of-the-art, custom-built, and integrated water treatment solutions based on membrane filtration technology for municipal, energy and natural resources end-users. Also, directly and through its affiliates, H2O Innovation provides services and products complementary to its membrane filtration and reverse osmosis systems.
Hays Utility is a privately-owned provider of water and wastewater management services.
McCarthy Tétrault LLP represented H2O Innovation with a team led by Philippe Leclerc that included Louis-Philippe Samson and Isabelle Pépin-Lapointe (Financial Services) and Annie Poirier-Simard (Paralegal – Securities).