Funds managed by Ember Infrastructure Management, LP, Investissement Québec, Caisse de dépôt et placement du Québec and the key executives of H2O Innovation Inc. completed the acquisition of H2O Innovation Inc. from Investissement Québec, Caisse de dépôt et placement du Québec, the key executives and others.
The transaction is subject to court approval, approval by H2O Innovation shareholders, dissent rights shall not have been exercised with respect to more than 5% of the issued and outstanding shares. H2O Innovation?s board of directors unanimously approved the transaction. The Superior Court of Québec issued on October 27, 2023 an interim order in connection with the acquisition. The transaction is not subject to any financing condition and is expected to close in the fourth quarter of 2023. As of November 20, 2023, Institutional Shareholder Services and Glass, Lewis & Co. have recommended shareholders to Vote FOR the acquisition. As of November 28, 2023, the H2O Innovation?s shareholders approved the transaction. The Superior Court of Québec issued on December 1, 2023 a final order approving the transaction
Norton Rose Fulbright Canada LLP is H2O Innovation?s legal counsel. Michael J. Aiello, Annemargaret Connolly, Charan J. Sandhu, Devon Bodoh, Gary D. Friedman, John O'Loughlin, Olivia J. Greer, Paul J. Wessel, Timothy C. Welch, Matthew D. Morton, Michael C. Naughton and Eoghan Keenan of Weil, Gotshal & Manges LLP acted as legal advisor to Ember. Davies Ward Phillips & Vineberg LLP is legal counsel to Ember, Marie-Josée Neveu of Fasken Martineau DuMoulin LLP is legal counsel to IQ and Blake, Cassels & Graydon LLP is legal counsel to CDPQ. Scotia Capital Inc. acted as exclusive financial advisor and fairness opinion provider to H2O Innovation and Desjardins Securities Inc. acted as independent financial advisor and fairness opinion provider to the special committee of board of directors of H2O Innovation. Raymond James acted as financial advisor to Ember. H2O Innovation has retained Kingsdale Advisors to act as proxy solicitation agent. TSX Trust Company acted as depositary bank to H2O.
Funds managed by Ember Infrastructure Management, LP, Investissement Québec, Caisse de dépôt et placement du Québec and the key executives of H2O Innovation Inc. completed the acquisition of H2O Innovation Inc. (TSX:HEO) from Investissement Québec, Caisse de dépôt et placement du Québec, the key executives and others on December 8, 2023.