6th Jan 2021 14:03
Water Intelligence PLC - California, US-based environmental services and technology company - Reacquires the Seattle, US franchise of its American Leak Detection subsidiary for USD5.5 million in cash. Says it paid USD4 million at the closing of the purchase and will pay the remainder through January 2023. Notes the Seattle reacquisition will create a northwest regional hub in the US and will enable it to tie together its growing operations in Portland to the south and a new greenfield location to be set up in Vancouver, Canada to the north.
"We are delighted to start 2021 with the reacquisition of Seattle. It is a cornerstone location for our growth plan and will reinforce our technology leadership for the green economy. Most importantly, we have added to our already strong management team with a team that has built a multi-million dollar location themselves. We had a remarkable 2020 despite the challenges of Covid and, importantly, we have positioned ourselves with significant momentum for a very strong 2021," says Executive Chair Patrick DeSouza.
Current stock price: 520.00 pence
Year-to-date change: up 5.0%
By Zoe Wickens; [email protected]
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