Global water technology company Xylem Inc. (Rye Brook, New York, USA) has agreed to acquire Pure Technologies Ltd. (Calgary, Alberta, Canada) for an enterprise value of ~$397 million.
Pure provides diagnostic and analytics solutions and services based on proprietary technologies to address key water and wastewater infrastructure challenges.
The company, which has ~500 employees globally, is a leader in intelligent leak detection and condition assessment solutions for water distribution networks.
“The addition of Pure will strengthen Xylem’s position as a leading provider of intelligent solutions that address the water industry’s most persistent problems,” says Patrick Decker, Xylem’s president and CEO. “Aging infrastructure is a top concern of water utilities around the world, and infrastructure assessment is an attractive, growing market that directly addresses this challenge in a cost-effective way.”
The deal is expected to close in the 2018 first quarter.
Source: Xylem, www.xylem.com.