Under the terms of the agreement, GE will acquire all of the issued and outstanding common shares of ZENON and the non-voting class A shares for Cdn $24.00 in cash. ZENON option holders will be eligible to receive Cdn $24.00 cash, less the exercise price of the respective option.
ZENON is involved in advanced membranes for water purification, wastewater treatment and water reuse to municipalities and industries worldwide. Its membrane technologies include membrane bioreactor (MBR) and hollow fibre technologies that offer low-cost filtration and disinfection in one step with low energy consumption.
GE said that the acquisition fits with its strategy of growing its municipal water segment. ZENON has an extensive patent portfolio that GE says will enhance its current water scarcity platform by providing pre-treatment technology for reverse osmosis desalination and reuse.