Pittsburgh-based water technology company Evoqua is being acquired by a Washington, D.C.-based company in a deal worth about $7.5 billion.
Evoqua’s technology has applications in life sciences, microelectronics, power and food and beverage. It’s also being used to remediate pollutants, including “forever chemicals” known as PFAS, an industrial compound used in products from cookware to carpets linked to serious health conditions.
“Joining forces with Xylem is an exciting opportunity for Evoqua and our team members,” said Ron Keating, President and CEO of Evoqua. “This combination provides a platform to leverage our combined strengths and increase our reach to better address the most pressing and increasingly complex global water challenges.”
The transaction is expected to close by the middle of this year.
Upon completion of the transaction, Xylem shareholders will own approximately 75 percent of the combined company and Evoqua shareholders will own approximately 25 percent (fully diluted) of the combined company.
In 2022, Evoqua will report a profit of $72.3 million on revenue of $1.74 billion.
The combined company will continue to be led by Xylem President and Chief Executive Officer Patrick Decker. Two current members of Evoqua’s board of directors are expected to join Xylem’s board of directors.
“Addressing the world’s water challenges has never been more urgent,” Decker said in a statement. “Our acquisition of Evoqua creates a transformative global platform to address water scarcity, affordability and resilience at scale. The combined company offers an unparalleled combination of advanced technologies, integrated services and applications across the water cycle combination of expertise.”
Stephanie Ritenbaugh is a staff writer for Tribune Review. You can reach Stephanie at email@example.com.