Aurora Cannabis Inc. has agreed to purchase Uruguay-focused ICC Labs Inc. in an all-stock deal valued at approximately $290 million, as cannabis producers look to South America for growth beyond Oct. 17 when recreational marijuana use becomes legal in Canada.
Under the friendly deal, ICC shareholders will receive 0.2448 of an Aurora share for each ICC (ICC.V) share making the deal worth $1.95 per share. ICC shares closed at $1.79 on the TSX Venture Exchange on Friday.
The transaction is subject to court approval and a two-thirds majority vote by ICC shareholders.
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