Zenon bought for $656 million

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have signed an agreement in connection with the acquisition by way of Plan of Arrangement of Zenon by GE in an all cash transaction worth approximately $656 million. Zenon is involved in advanced membranes for water purification, wastewater treatment and water reuse to municipalities and industries worldwide.

Under the terms of the agreement, GE will acquire all of the issued and outstanding Common Shares of Zenon and the Non-Voting Class A Shares for Cdn $24.00 in cash. Zenon option holders will be eligible to receive Cdn $24.00 cash, less the exercise price of the respective option.

Zenon's advanced membranes include membrane bioreactor (MBR) and hollow fiber technologies that offer low-cost filtration and disinfection in one step with low energy consumption. Zenon has an extensive patent portfolio that GE says will enhance its current water scarcity platform by providing pre-treatment technology for reverse osmosis desalination and reuse.

"Zenon is a great strategic fit with GE," said David Calhoun, GE Vice Chairman and President & CEO, GE Infrastructure. "We will have the potential to grow revenue in the municipal water segment at more than 30 percent for the next several years. With this addition, we anticipate our water platform growing to nearly $2.5 billion in revenue next year."