Aurora Cannabis to Acquire ICC Labs in Deal Valued at $290 Million
EDMONTON — Aurora Cannabis Inc. has signed an agreement to acquire marijuana company ICC Labs Inc. in an all-stock deal it valued at $290 million.
Under the friendly agreement, ICC shareholders will receive 0.2448 of an Aurora share for each ICC share making the deal worth $1.95 per share.
ICC shares closed at $1.79 on the TSX Venture Exchange on Friday.
The transaction is subject to court approval and a two-thirds majority vote by ICC shareholders.
Union Group International Holdings Ltd., which holds about a 29 percent stake in ICC, has agreed to support the deal.
Companies in this story: (TSX:ACB, TSXV:ICC)
The Canadian Press