TORONTO — The companies behind bottled water brands Mountain Valley and Pure Life are combining.
Primo Water Corp. has signed a deal to merge with BlueTriton Brands Inc.
Under the agreement, shareholders of both companies will exchange their shares for shares in a new holding company. Primo Water shareholders are expected to hold a 43 per cent stake in the combined company, while BlueTriton shareholders will own 57 per cent.
Toronto-listed Primo Water also intends to pay a special dividend of up 82 cents U.S. per share to its shareholders before the deal closes.
The combined company is expected to be dual headquartered in Tampa, Fla., and Stamford, Conn., with Dean Metropoulos, the current chair of BlueTriton to serve as non-executive chair. Robbert Rietbroek, the current chief executive of Primo Water, will serve as chief executive of the combined company,
The new company is expected to be listed on the New York Stock Exchange.
Primo Water used to be called Cott Corp. before the company changed its name after it acquired Primo Water, a provider of water dispensers, purified bottled water, and self-service refill drinking water in the U.S. and Canada, in 2020.
This report by The Canadian Press was first published June 17, 2024.
Companies in this story: (TSX:PRMW)
The Canadian Press
