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Conyers has advised its long-standing client AquaVenture Holdings Limited (NYSE: WAAS), a leading provider of sustainable Water-as-a-Service® solutions, on its US$1.1 billion acquisition by Culligan, a global consumer water services company. Culligan will acquire AquaVenture for $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. The deal is expected to complete in early April 2020.
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. AquaVenture joins Culligan’s water service and solutions platform as a privately held company.
Counsel Audrey Robertson (who advised AquaVenture on its IPO on the New York Stock Exchange in 2016) and Associate Marcus Hallan of Conyers’ BVI office advised on the matter, working alongside Goodwin Proctor, the onshore counsel.