12th May 2020 17:54
(Alliance News) - Leak detection firm Water Intelligence PLC on Tuesday said it has reacquired its Minneapolis, Minnesota franchise within its American Leak Detection subsidiary.
The acquisition includes all assets to conduct operations such as trucks and equipment, and the consideration comes up to USD1.3 million, to be paid evenly over four years.
Water Intelligence said the acquisition is accretive to shareholder value, and is part of its strategy to reinforce American Leak Detection's brand leadership across the US.
"We seek to distinguish ourselves among companies operating in the Covid-19 marketplace. We plan to accelerate our growth plans during the second quarter given our success in navigating during the first quarter. Global market demand for solutions to water loss from leakage and to health issues from failing wastewater infrastructure is strong and continues to grow," said Executive Chair Patrick DeSouza.
Shares in Water Intelligence closed down 2.0% at 267.00 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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