Washington, D.C.-based Xylem, a global water technology company, recently completed its purchase of Pittsburgh-based Evoqua Water Technologies Corp., a water treatment solutions and services company, for approximately $7.5 billion.
The purchase was an all-stock transaction. Each share of Evoqua common stock was converted into 0.48 of a share of Xylem common stock. Evoqua shareholders own approximately 25 percent of the combined company, and Xylem shareholders own approximately 75 percent.
The combined company becomes the world’s largest pure-play water technology company with more than 22,000 employees worldwide and $7.3 billion in pro forma revenue.
“Our combination with Evoqua creates a transformative global platform to solve these critical water challenges at an even greater scale,” Patrick Decker, Xylem president and CEO, said. “Together, we are uniquely positioned to help meet customers’ mission-critical needs with an unmatched portfolio of products and services across the water cycle.”
Decker will lead the combined company’s executive leadership team that also includes senior leaders from Xylem and Evoqua.
Former Evoqua directors Lisa Glatch and Lynn C. Swann will serve on the Xylem board of directors.
Xylem portfolio includes advanced technologies, deep application expertise, and integrated services for customers in the commercial, industrial, and utilities end markets.