BRIEF-H2O Innovation to buy Utility Partners LLC for $17 mln

Wed Jul 13, 2016 11:21am EDT
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July 13 (Reuters) - H2o Innovation Inc

* H2o innovation enters us operation and maintenance market with the acquisition of utility partners and concurrent private placement of $20 m

* Will acquire utility partners, llc for purchase price is us$17.0 million

* Announces that it has entered into a binding agreement pursuant to which h2o innovation will acquire utility partners, llc

* H2o innovation inc says expects acquisition to be accretive to earnings and cash flow from day one

* H2o innovation inc says h2o innovation intends to finance acquisition with an equity financing

* H2o innovation inc says equity financing, by way of a bought deal private placement, for an amount of approximately $18.4 million

* Will complete non-brokered private placement with insiders in amount of $1.6 million,additional $10 million long-term secured credit facility Source text for Eikon: (Bengaluru Newsroom; +1 646 223 8780)