Canadian Cannabis Producers Aphria And Tilray In Merger Talks
Canadian cannabis producers Aphria (TSX:APHA) and Tilray (NASDAQ:TLRY) are in the advanced stages of a merger negotiation.
The merged company is expected to retain the Tilray name and appoint Aphria Chief Executive Officer Irwin Simon as the new company’s leader. Aphria is likely to emerge with a majority of the combined company’s board seats and with its shareholders owning a 60% stake in the merged cannabis company.
Tilray CEO Brendan Kennedy is said to be in line to occupy a seat on the Board of Directors but is unlikely to retain an executive position.
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Aphria, Tilray Will Merge to Become World’s Biggest Cannabis GiantOne of the world’s largest cannabis companies, Aphria will merge its operations with its business rival Tilray Inc, creating the biggest giant in the fast-growing cannabis sector, according to Bloomberg news.
Dec 16, 2020 01:01 PM GMT
This deal will create a new company with an equity value of about C$4.8 billion ($3.8 billion), according to a statement and interviews with the Tilray and Aphria chief executive officers. The new company will trade under Tilray’s ticker on the Nasdaq, and Aphria shareholders will own 62% of Tilray’s stock under the terms of the transaction, reported by Bloomberg.
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A new giant in the fast-growing cannabis industry will be created after Tilray Inc. and Aphria Inc. agreed to combine their operations.
The all-stock deal, which puts together two of the industry’s best known names, will create a new entity with an equity value of about $4.8 billion (US$3.8 billion), according to a statement and interviews with the Tilray and Aphria chief executive officers. The enlarged group’s 12-month annual sales of $874 million surpasses that of industry leaders such as Curaleaf Holdings Inc. and Canopy Growth Corp.
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