TORONTO — Cott Corp. has signed a deal to buy Primo Water Corp. as part of a plan to focus its business on water that will also see it rebrand itself under the Primo name.

Cott chief executive Tom Harrington says rebranding at Primo Water Corp. will reflect the company's position in the water market.

Under the agreement, Cott will pay US$14.00 per share in a combination of cash and Cott shares.

The deal values Primo, a provider of water dispensers, purified bottled water and self-service refill drinking water in the U.S. and Canada, at about US$775 million.

The acquisition follows an announcement by Cott earlier this month that it was evaluating strategic alternatives for its coffee and tea business as part of a plan to focus on water.

The Primo deal is expected to close in March.

This report by The Canadian Press was first published Jan. 13, 2020.

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