Canadian pot producer Aphria and rival Tilray Inc have agreed to combine their operations, Bloomberg News reported on Wednesday.
The all-stock deal will create a new company with an equity value of about C$4.8 billion ($3.77 billion), the report said, citing a statement from the companies and interviews of the heads of Aphria and Tilray.
Aphria will pay a 23% premium to Tilray stock’s last closing price on Tuesday and its shareholders will own 62% of Tilray’s stock under the terms of the deal, Bloomberg News said .
The new company will trade under Tilray’s ticker on the Nasdaq.
Both the companies did not respond to Reuters requests for comment.
Canadian business news network BNN Bloomberg had earlier reported that the companies were in advanced merger talks.
($1 = 1.2731 Canadian dollars)
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