H2O Innovation Agrees To Be Acquired By Ember

(RTTNews) - H2O Innovation Inc. (HEO.V) has agreed to be acquired by Ember SPV I Purchaser Inc., an entity controlled by funds managed by Ember Infrastructure Management, LP for $4.251 in cash.

The deal values H2O Innovation at $395 million on a fully diluted equity basis.

Ember is funding its portion of the purchase price with capital it manages on behalf of its limited partners via private equity fund capital as well as select co-investors, including funds affiliated with the Ontario Power Generation Inc. Pension Fund.

"After extensive work we have concluded that this transaction is in the best interest of H2O Innovation and fair to our Shareholders. Following a comprehensive assessment and our extensive negotiations with the Purchaser, we are pleased to have reached an agreement that provides immediate and fair value to our Shareholders. In addition to the attractive premium offered to H2O Innovation's Shareholders, Ember has agreed to key commitments for H2O Innovation and its stakeholders. Ember appreciates the significance of H2O Innovation's Québec roots that will remain an important foundation for the Corporation as it continues its growth, and has agreed to maintain H2O Innovation's head office in the Province of Québec," said Lisa Henthorne, Chairwoman of the Board.