Evoqua Water Technologies Corp. (AQUA) shares are gaining more than 11 percent on Tuesday morning trade after agreeing to be acquired by its peer Xylem (XYL) in an all-stock deal worth an enterprise value of $7.5 billion. As per the definitive agreement, Evoqua shareholders will receive 0.480 shares of Xylem for each share, representing a value of $52.89. Xylem shares are on a decline.
Xylem, upon closing of the deal, will own around 75 percent of Evoqua and will own approximately 25 percent of the combined company.
Currently, AQUA shares are at $45.76, up 11.53 percent from its previous close of $41.03 on a volume of 2,043,406.
Xylem shares are at $99.51, down 9.68 percent from the previous close of $110.18 on a volume of 1,352,805.
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