ZWS - Zurn Water Solutions Elkay Manufacturing to combine in an all-stock transaction

Zurn Water Solutions Corporation (NYSE:ZWS) stock is rising 3% premarket on Monday after the firm and Elkay Manufacturing Company to combine the businesses in an all-stock transaction. The transformational combination of two leaders in sustainable water solutions for health, human safety and the environment; advances Environmental, Social and Governance and sustainability mission. Further it accelerates growth opportunities by pairing two iconic brands with complementary products leveraging the Zurn Business System and significantly expands size, scale and addressable market. Pursuant to the closure, Zurn Water Solutions shareholders will own approximately 71% and Elkay shareholders will own approximately 29% of the combined and newly named company – Zurn Elkay Water Solutions Corporation. Under the terms, Elkay shareholders will receive up to 52.5M shares of Zurn Water Solutions, which results in, Elkay shareholders owning approximately 29% in the combined company. The deal clears path to driving $50M in run-rate cost synergies. On closure, the deal is positioned to deliver superior shareholder

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Zurn Water Solutions, Elkay Manufacturing to combine in an all-stock transaction