09:17 AM EDT, 06/17/2024 (MT Newswires) -- Primo Water ( PRMW ) and a BlueTriton Brands affiliate said Monday they have entered into an all-stock deal to form a healthy hydration company.

Upon deal closure, anticipated in H1 2025, Primo Water ( PRMW ) shareholders and holders of incentive equity will likely own 43% and BlueTriton shareholders will likely own 57% of the fully diluted shares of the combined company, they said.

The common shares of Primo Water ( PRMW ), as a unit of the combined company, will no longer be listed on any public market upon closing, while the combined company will likely continue to be listed on the New York Stock Exchange, subject to the exchange's approval of such listing, the companies said.

Current Primo Water ( PRMW ) Chief Executive Robbert Rietbroek, Primo Water ( PRMW ) Chief Financial Officer David Hass, and BlueTriton Chief Operating Officer Rob Austin will serve as CEO, CFO, and COO, respectively, the companies said, adding that current BlueTriton Chairman Dean Metropoulos will serve as the combined company's non-executive chairman.

Primo Water ( PRMW ) said it plans to pay a special dividend of up to $133 million to its shareholders before deal closure.

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