MONTREAL — The purchase of Christ Water Technology AG by Canada-based water technology company GLV Inc. has been brought to a close with GLV’s report in a recent press release carried by PR Newswire and Europa Press that a GLV subsidiary had acquired more than 83 percent of Christ Water Technology’s voting shares as of November 27.

The purchase concluded a voluntary takeover bid that GLV announced in September for Austria-based Christ Water Technology, which had previously been part of the Christ Water Technology Group, one of Europe’s largest water treatment companies. In August, the Christ Group sold another of its major businesses, the Pharma & Life Sciences division, to the Best Water Technology Group (BWT), also based in Europe.

GLV’s purchase of Christ Water Technology has been conducted through GLV’s indirect subsidiary, Eimco Water Technologies GmbH. GLV says it will continue to purchase shares of Christ Water Technology on the secondary securities market, with the goal of acquiring 100 percent of the shares.

GLV said in the release that it had spent C$85 million (US$80.5 million) in cash to acquire 80.5 percent of Christ Water Technology shares as of the close of the offering period that ended November 17. It has continued to pursue purchase of all additional outstanding shares, the company said. Investors who have not yet sold their shares to GLV are being offered a cash price of 3.35 euros (about C$5.31, or US$5.03 on November 30) per share “pursuant to the same terms as set forth in GLV’s voluntary takeover bid,” GLV stated.

GLV’s Water Treatment Group now consists of Eimco and the 83.1 percent ownership of Christ Water Technology. The group focuses on municipal and industrial water and wastewater treatment.

With the purchase of Christ Water Technology, Montreal-based GLV now has 2,400 employees in 30 nations.

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