Aurora Cannabis announced a deal for the total acquisition of ICC Labs.
As quoted in the press release:
Aurora Cannabis and ICC Labs announced today that the companies have entered into a definitive arrangement agreement pursuant to which Aurora intends to acquire all of the issued and outstanding common shares of ICC (the ICC Shares) for C$1.95 per share (payable in common shares of Aurora (the Aurora Shares) (the Share Consideration), reflecting an aggregate purchase price of approximately C$290 million (the Transaction). The Transaction has been unanimously approved by the Board of Directors of each ICC and Aurora.
The Transaction, once approved, creates a strong foundation for expansion, and will leverage ICC’s first mover advantage in South America, bringing significant low-cost production capacity, a well-diversified product portfolio, and extensive distribution channels throughout South America and internationally.
“ICC is an ideal partner for Aurora to establish leadership in the South American cannabis market, delivering clear first mover advantage on a continent with over 420 million people,” said Terry Booth, CEO of Aurora. “ICC and its management team have shown exceptional vision and execution across production, expansion, distribution and product development. The company has a very strong management team with deep connections throughout the continent, which we believe will facilitate successful expansion into all South American markets.”