Pure Technologies Ltd. has entered into a definitive arrangement agreement with Xylem Inc. whereby Xylem will acquire all of the issued and outstanding shares of Pure for CAD $9.00 per share in cash, representing an enterprise value for Pure of CAD $509 million.
Pure Technologies Ltd.
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Pure Technologies Ltd. announced today that its oil and gas pipeline integrity division, PureHM, has recently received purchase orders totalling over $3 million from U.S.-based pipeline companies for inspection work to be executed in the first half of 2017. PureHM believes this is an early indication of its U.S. expansion strategy which began in early 2015. This new work includes confirmation of containment surveys using the Company's proprietary SmartBall technology on major pipeline infrastructure connecting refineries in the U.S. Gulf Coast to communities throughout the South and Eastern United States.
Pure Technologies Ltd. has entered into a definitive agreement to acquire the business and related assets of E-MAC Corrosion Inc., a provider of oil and gas pipeline inspection services, for consideration of $4.60 million, consisting of $3.45 million in cash and $1.15 million in restricted shares of Pure. Closing of the transaction is expected to occur early in 2017. For the financial year ended January 31, 2016, E-MAC generated revenue of $6.8 million and currently has 18 employees.
Pure Technologies has announced, that it has entered into a definitive agreement to acquire the oil and gas pipeline inspection services business and related assets of Hunter McDonnell Pipeline Services, Inc. (HM) a provider of technology-driven integrity services to the oil and gas pipeline industry.