Castik Capital Set to Take Waterlogic Private for £122.6M
November 14, 2014
Castik Capital has made a recommended cash offer to acquire Waterlogic (AIM: WTL), valuing the distributor of drinking water purification and dispensing systems at roughly £122.6 million. The firm will pay 151 pence per share, which represents a 32.5% premium to the company's closing price on Tuesday. Waterlogic's Board of Directors has unanimously recommended shareholders accept the offer, while holders representing 60.1% of the company's share capital have already committed their approval. Waterlogic has 780,000 of its point-of-use units installed in locations such as offices, hospitals, hotels, schools and restaurants across 50 countries. The company had adjusted EBITDA of $19.5 million in 2013, up 41% from the previous year.