NIBE to acquire WaterFurnace in a recommended C$378 million transaction
Reinforcing NIBE’s position as a global leader in sustainable heating and cooling solutions.
Swedish based NIBE, one of the leading heat pump manufacturers in Europe, is teaming up with US based WaterFurnace, one of the market leaders in the North American geothermal heat pump heating and cooling solutions market.
WaterFurnace shareholders will receive C$30.60 per share in cash. The total equity value of the transaction is approximately C$378 million (SEK 2.4 billion).
WaterFurnace shareholders, including the Board of Directors, Management and members of the Shields family, collectively holding approximately 25% of WaterFurnace’s shares have agreed to vote in favour of the transaction.
WaterFurnace will continue to operate as a separate entity under the leadership of its CEO Tom Huntington and his management team, forming part of NIBE’s business area