Xylem completes acquisition of Evoqua in $7.5B transaction

May 24, 2023
Xylem’s all-stack transaction of Evoqua Water Technologies is now complete, bringing changes to the water and wastewater treatment market, as well as Xylem’s executive team.

Xylem Inc. announced that it has completed its acquisition of Evoqua Water Technologies, a provider of water and wastewater treatment solutions and services, in an all-stock transaction valued at approximately $7.5 billion.

The transaction, originally announced in January 2023, is a significant change for the water and wastewater treatment market. The first quarter of 2023 saw major acquisitions announcements for the water sector, with the Xylem/Evoqua transaction being one of the largest.

Headquartered in Washington, D.C., the combined company becomes the world’s largest pure-play water technology company, with $7.3 billion in pro forma revenue and more than 22,000 employees globally.

“Investment in water solutions continues to accelerate as communities and businesses around the world address intensifying challenges like water scarcity, quality and resilience to climate change — and how to address these issues in an affordable way,” said Patrick Decker, President and CEO of Xylem. “Our combination with Evoqua creates a transformative global platform to solve these critical water challenges at an even greater scale. Together, we are uniquely positioned to help meet customers’ mission-critical needs with an unmatched portfolio of products and services across the water cycle.”

Listen to Reese Tisdale, president and CEO of Bluefield Research, discuss the water sector's major acquisitions of early 2023.

The combined company's executive leadership team will be led by Patrick Decker and include senior leaders from both Xylem and Evoqua. Xylem has also appointed Lisa Glatch and Lynn C. Swann, former Evoqua directors, to serve as members of its Board of Directors.

Glatch brings a strategic and financial perspective and more than 30 years’ experience in senior leadership roles across the public and private sectors in the energy, chemicals, environmental, water and transportation industries. Swann has held various leadership roles across business, government, and philanthropic organizations and is an experienced member of public company boards.

Under the terms of the transaction, each share of Evoqua common stock was converted into the right to receive 0.48 of a share of Xylem common stock. This results in Xylem shareholders owning approximately 75 percent and Evoqua shareholders owning approximately 25 percent of the combined company on a fully diluted basis.