Conyers has successfully advised its long-standing client AquaVenture Holdings Limited (NYSE: WAAS), a leading provider of sustainable Water-as-a-Service® solutions listed on the New York Stock Exchange, on its US$1.1 billion acquisition by Culligan, a global consumer water services company. Culligan acquired AquaVenture for US$27.10 per share in an all-cash deal that is one of the largest takeovers of a publicly-listed BVI company by transaction value. This merger was made all the more remarkable given it was carried out as the BVI underwent 24/7 curfew in a bid to quell COVID-19 – a true testament to the efficiency of the BVI Registry of Corporate Affairs and all those involved.
Culligan offers state-of-the-art water filtration and treatment products including water softeners, drinking water systems, whole-house systems and solutions for businesses, through a network of over 900 franchise dealers in 90 countries. AquaVenture Holdings is composed of Quench, a provider of filtered water systems and related services, and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions. Conyers advised on AquaVenture’s IPO on the New York Stock Exchange in 2016. AquaVenture joins Culligan’s water service and solutions platform as a privately held company.
Counsel Audrey Robertson (who advised AquaVenture on its IPO in 2016) and Associate Marcus Hallan of Conyers’ BVI office advised on the matter, working alongside Goodwin Proctor, the onshore counsel.