HEXO Acquiring Zenabis Global for $186 Million
In what isn't the first, and likely won't be the last, marijuana industry acquisition of 2021, HEXO (NYSE: HEXO) announced Tuesday that it is acquiring a peer company, Zenabis Global (OTC: ZBISF). The price is 235 million Canadian dollars ($186 million), which will be paid entirely in HEXO stock.
Specifically, Zenabis stockholders will receive nearly 0.02 of a share of HEXO for each Zenabis share they own. According to HEXO, this represents a premium of 19% on a 20-day volume-weighted average share price for Zenabis stock.
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Source Fool.com