HEXO Corp. (TSX: HEXO) (NYSE: HEXO) confirmed Tuesday it will buy Zenabis Global Inc. (TSX: ZENA) for $235 million in an all-stock transaction.
Both companies agreed to the acquisition by way of a court-authorized plan of arrangement under the Business Corporation Act.
Zenabis shareholders will obtain 0.01772 of a Hexo share for one Zenabis share. Zenabis’ board of directors has unanimously recommended the shareholders to vote for the transaction.
After the transaction is finalized, current shareholders of both HEXO and Zenabis would respectively hold around 87.43% and 12.57% of …