CAMBRIDGE, ON, Sept. 22, 2023 /CNW/ - ATS Corporation (TSX: ATS) (NYSE: ATS) ("ATS" or the "Company") a leading automation solutions provider, today announced it has entered into a definitive agreement to acquire Avidity Science, LLC ("Avidity"), a growing designer and manufacturer of automated water purification solutions for biomedical and life science applications, for US$195 million (~C$265 million), representing 11.2x Avidity's projected calendar 2023 adjusted EBITDA1,2, or 10.3x Avidity's projected calendar 2023 synergy-adjusted EBITDA1,2. The Company expects US$1.5 million of cost and commercial synergies by year 3, and US$2.6 million of cost and commercial synergies by year 5. The acquisition is subject to customary post-closing adjustments.
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