APHA - Tilray closes the merger with Aphria; expects $81 billion of synergies in 18 months

Tilray (TLRY) announced the completion of the previously disclosed merger with its Canadian rival Aphria (APHA).Tilray shares will continue to trade on the Nasdaq Global Select Exchange and will start trading on Toronto Stock Exchange under the ticker symbol “TLRY” on May 5, 2021, the company said in a press release.From today, Aphria shares will cease trading on Nasdaq with the closing of the deal.The combined companies had a market value of ~$8B based on their last closing stock prices and Tilray shares have added ~2.0% in the premarket today.With the merger, Tilray anticipates $81M (C$100M) of annual pre-tax cost synergies within eighteen months, an accelerated timeline from the previous 24-month target announced at the time of the merger announcement in December.

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Tilray closes the merger with Aphria; expects $81 billion of synergies in 18 months