Primo Water to merge with Poland Spring parent company BlueTriton Brands

Primo Water Corp. has signed a deal to merge with BlueTriton Brands Inc.

Under the agreement, shareholders of both companies will exchange their shares for shares in a new holding company. Primo Water shareholders are expected to hold a 43 per cent stake in the combined company, while BlueTriton shareholders will own 57 per cent. Toronto-listed Primo Water also intends to pay a special dividend of up 82 cents U.S. per share to its shareholders before the deal closes.

The combined company is expected to be dual headquartered in Tampa, Fla., and Stamford, Conn., with Dean Metropoulos, the current chair of BlueTriton to serve as non-executive chair. Robbert Rietbroek, the current chief executive of Primo Water, will serve as chief executive of the combined company,Primo Water used to be called Cott Corp.

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