HEXO - HEXO Acquiring 48North Cannabis in CA$50 Million Deal
Canada's HEXO (NYSE: HEXO) is again going the acquisition route to bulk up its business. The company has signed an agreement to purchase fellow Ontario-based peer 48North Cannabis (OTC: NCNNF) in an all-stock deal valued at around 50 million Canadian dollars ($41 million) in enterprise value.
Under the terms of the arrangement, 48North stockholders will receive 0.02366 of a share of HEXO common stock per each 48North share they own. That works out to a roughly 20% premium on the former company's stock price, according to the buyer.
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HEXO Acquiring 48North Cannabis in CA$50 Million Deal