NCNNF - HEXO to acquire 48North Cannabis in an all-stock deal valued at $50 million

HEXO Corp. (HEXO) has entered into an agreement to acquire its Candian rival 48North Cannabis (NCNNF) in an all-share transaction valued at $50M on an enterprise value basis, the companies announced today.Per the terms of the agreement, 48North shareholders are set to receive 0.02366 of a HEXO common share for each 48North common share they hold.The exchange ratio indicates a premium of~20% for 48North common shares based on the 10-day volume-weighted average price of 48North common shares and HEXO common shares on TSX Venture Exchange, and the Toronto Stock Exchange, respectively.The transaction has already been approved by the board of directors of both companies, and in the event of any termination of the agreement, 48North is expected to pay $2M to HEXO.Commenting on the transaction, HEXO CEO Sebastien St-Louis said: “We expect the deal could offer up to $12 million worth of accretive synergies within one year following the close and

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HEXO to acquire 48North Cannabis in an all-stock deal valued at $50 million