Culligan’s $1.1 Billion Acquisition of AquaVenture Holdings Limited

Goodwin Procter LLP advised AquaVenture Holdings Limited (NYSE: WAAS) on its definitive agreement to be acquired by Culligan for $27.10 per share in an all-cash transaction valued at approximately $1.1 billion, including AquaVenture’s net debt. Weil, Gotshal & Manges LLP acted as legal advisor to Culligan. Fried Frank acted as counsel to Citi as financial advisor to AquaVenture.

The all-cash purchase price represents a premium of approximately 25% to AquaVenture’s closing share price on December 20, 2019, and a premium of approximately 33% to AquaVenture’s 90-day volume weighted average share price. Culligan has fully committed debt financing to support the transaction, along with equity financing provided by investment funds affiliated with Advent International.

The transaction has been unanimously approved by AquaVenture’s Board of Directors and is expected to close in early April 2020, subject to AquaVenture shareholder approval, regulatory approvals and the satisfaction of other customary closing conditions. Upon the completion of the transaction, AquaVenture will become a privately held company, and shares of its common stock will no longer be listed on any public market.

Citi and UBS are serving as financial advisors to AquaVenture.

AquaVenture Holdings is a multinational provider of WAAS (Water-as-a-Service) solutions that provide customers a reliable and cost-effective source of clean drinking and processed water primarily under long-term contracts that minimize capital investment by the customer. The company offers point-of-use filtered water systems and related services to more than 55,000 institutional and commercial customers across the U.S. and Canada, and desalination and wastewater treatment solutions to governmental, municipal, industrial and hospitality customers throughout the Americas.

The Goodwin team was led by partners Mark Burnett (Picture), James Matarese and Blake Liggio and associates Caitlin Tompkins, Kristen Armstrong and Kvehl McDermott and included Milena Tantcheva, Mohammed Alvi, John Ilardo, Ashley Carlisle and Wiechi Liu, Dan Karelitz and Benjamin Gossels, Christopher Stamos and Jacqueline Klosek, Sarah Bock, James Devendorf and Tony Guan, Robert Hale and Christina Bitter, Jennifer Burns Luz, Richard Matheny, Nathan Brodeur, Cecilia Lockner, Paul Jin, Kara Kuritz and Matthew Wheatley and Andre Garron and Jessica Craig.

The Weil team advising Culligan is led by Mergers & Acquisitions partner James Griffin and Private Equity partners Marilyn French Shaw and Ramona Nee and includes Mergers & Acquisitions associates Wei Xu and Austin Freeman, Private Equity associates Edi Rumano, Erin Lacerna, Cecilie Gromada, Kyle Merrigan, Katherine Rosati (Not Yet Admitted in Massachusetts) and Megan Fouse (Not Yet Admitted in Massachusetts). The team also includes Banking & Finance partner Allison Liff; Capital Markets partner Heather Emmel; Tax partner Jonathan Macke; Head of Private Equity Executive Compensation & Benefits Michael Nissan; Executive Compensation & Benefits partner Amy Rubin; Technology & IP Transactions partner Karen Ballack; Environmental Head Annemargaret Connolly; Employment Litigation partner Nicholas Pappas; Environmental counsel John O’Loughlin; Antitrust counsel Vadim Brusser; Banking & Finance associates Anna McEwen and Daniela Gutierrez; Tax associate Steven Ort; Executive Compensation & Benefits associates Jennifer Haydel Britz, Maliha Ikram and Akansha Mishra; Technology & IP Transactions associates Edric Itchon and Seowoo Kim (Not Yet Admitted in California); Real Estate associates Yelena Nersesyan and Daniel Kelly; Environmental associate J. Caleb Anderson; and Employment Litigation associates Justin DiGennaro and Omar Abdel-Hamid (Not Yet Admitted in New York).

The Fried Frank team was led by corporate partner Philip Richter and included corporate associate Roy Tannenbaum.

Involved fees earner: Daniel Kelly – Davis Polk & Wardwell; Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Mohammed Alvi – Goodwin Procter; Christina Bitter – Goodwin Procter; Sarah Bock – Goodwin Procter; Nathan Brodeur – Goodwin Procter; Mark Burnett – Goodwin Procter; Jennifer Burns Luz – Goodwin Procter; Ashley Carlisle – Goodwin Procter; Jessica Craig – Goodwin Procter; James Devendorf – Goodwin Procter; Andre Garron – Goodwin Procter; Benjamin Gossels – Goodwin Procter; Tony Guan – Goodwin Procter; Robert Hale – Goodwin Procter; John Ilardo – Goodwin Procter; Paul Jin – Goodwin Procter; Daniel Karelitz – Goodwin Procter; Jacqueline Klosek – Goodwin Procter; Kara Kuritz – Goodwin Procter; Blake Liggio – Goodwin Procter; Cecelia Lockner – Goodwin Procter; James Matarese – Goodwin Procter; Richard Matheny – Goodwin Procter; Christopher Stamos – Goodwin Procter; Milena Tantcheva – Goodwin Procter; Caitlin Tompkins – Goodwin Procter; Matthew Wheatley – Goodwin Procter; Daniela Gutierrez – Vinson & Elkins LLP; Caleb Anderson – Weil, Gotshal & Manges; Karen Ballack – Weil, Gotshal & Manges; Vadim Brusser – Weil, Gotshal & Manges; Annemargaret Connolly – Weil, Gotshal & Manges; Justin DiGennaro – Weil, Gotshal & Manges; Heather Emmel – Weil, Gotshal & Manges; Austin Freeman – Weil, Gotshal & Manges; James Griffin – Weil, Gotshal & Manges; Cecilie Gromada – Weil, Gotshal & Manges; Jennifer Haydel Britz – Weil, Gotshal & Manges; Maliha Ikram – Weil, Gotshal & Manges; Edric Itchon – Weil, Gotshal & Manges; Erin Lacerna – Weil, Gotshal & Manges; Allison Liff – Weil, Gotshal & Manges; Jonathan Macke – Weil, Gotshal & Manges; Anna McEwen – Weil, Gotshal & Manges; Kyle Merrigan – Weil, Gotshal & Manges; Akansha Mishra – Weil, Gotshal & Manges; Ramona Nee – Weil, Gotshal & Manges; Yelena Nersesyan – Weil, Gotshal & Manges; Michael Nissan – Weil, Gotshal & Manges; Steven Ort – Weil, Gotshal & Manges; John O’Loughlin – Weil, Gotshal & Manges; Nicholas Pappas – Weil, Gotshal & Manges; Amy Rubin – Weil, Gotshal & Manges; Edi Rumano – Weil, Gotshal & Manges; Marilyn French Shaw – Weil, Gotshal & Manges; Wei Xu – Weil, Gotshal & Manges;

Law Firms: Davis Polk & Wardwell; Fried Frank Harris Shriver & Jacobson; Goodwin Procter; Vinson & Elkins LLP; Weil, Gotshal & Manges;

Clients: AquaVenture Holdings Ltd; Citigroup Inc.; Culligan International Company;

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Author: Ambrogio Visconti