GE to purchase Ionics in $1.1B deal
The merger is subject to the approval of the holders of at least two-thirds of Ionics outstanding common shares. Certain Ionics holders, representing about 20 percent of the outstanding shares, reportedly have agreed to vote their shares in favor of the transaction.
Ionics will be merged with GE Infrastructure, which includes the company's water and process treatment operations. Division's president and CEO Bill Woodburn said, "The combination of Ionics' technology, project experience, and services network with GE's operating and project finance expertise will accelerate the development of technology solutions for the global water purification segment."
The transaction is expected to close in the first half of 2005.