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Aphria expands into Europe with Nuuvera acquisitionAphria and Nuuvera have entered into a definitive arrangement agreement pursuant to which Aphria will acquire, by way of a court-approved plan of arrangement under the Business Corporations Act (Ontario) 100% of the issued and outstanding common shares (on a fully-diluted basis) of Nuuvera.
The acquisition brings a partnership between Aphria and Nuuvera under the Aphria brand, reducing costs and providing the potential to unlock greater economic value from future production. The transaction has been unanimously approved by the Board of Directors of each of Aphria and Nuuvera and is supported by the management teams of both companies as well as significant shareholders of Nuuvera. The transaction values Nuuvera at approximately $826 million.
“The combination of Aphria and Nuuvera creates a true global leader in medical cannabis with excellent potential for growth and value creation,” said Vic Neufeld, Chief Executive Office of Aphria. “This transaction, which builds on a long-standing relationship between the two companies, brings together our top tier ability to grow high-quality cannabis at a low-cost with Nuuvera’s expansive international network, expertise in processing, and access to industry leading technology. I am thrilled to welcome Nuuvera to the Aphria family and I am confident they will play a significant role in our continued success.”
Lorne Abony, CEO of Nuuvera, said, “The transaction provides our shareholders with significant value for their investment in Nuuvera and the opportunity to participate in the significant upside of the combined company. As part of Aphria, we will have access to every tool we need to open key international markets and execute on our growth plan as part of a stronger, well-resourced global cannabis leader.”
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Publication date: 1/30/2018
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