Xylem to buy Evoqua in $6.42 bln dive into water tech wave

Xylem to buy Evoqua in $6.42 bln dive into water tech wave

Water technology company Xylem Inc (XYL.N) said on Monday it had agreed to buy Evoqua Water Technologies Corp (AQUA.N) for $6.42 billion in shares, aiming to tap into growing global awareness of risks around water scarcity.

Evoqua shareholders will receive 0.480 new Xylem shares for each Evoqua share they own, representing a premium of about 29% based on the last market close.

Shares in Xylem, which provides water and waste water treatment services, fell more than 10% in early trade as investors worried about the punchy price tag.