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Investing.com -- Advanced Drainage Systems has agreed to buy the water management business of Norma, known as National Diversified Sales (NDS), in an all-cash deal valued at approximately $1 billion.
The transaction value adjusts to about $875 million when accounting for the present value of expected tax benefits, according to a statement released Tuesday.
The acquisition is expected to boost Advanced Drainage Systems’ adjusted earnings per share in the first year. The net transaction value represents approximately 10 times NDS’s adjusted EBITDA for the trailing twelve months ended June 2025, including expected run-rate cost synergies.
Advanced Drainage Systems plans to fund the purchase using cash on hand and existing credit line capacity. The boards of directors of both companies have unanimously approved the transaction.
The deal is expected to close in the first quarter of 2026.
Centerview Partners LLC and Jefferies LLC served as financial advisors to Advanced Drainage Systems, while Davis Polk & Wardwell LLP, Squire Patton Boggs U.S. LLP, and Hengeler Mueller acted as legal advisors.
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