Toronto-based
Flowr Corporation (
TSX-V.FLWR) announced Tuesday that it has acquired Terrace Global Inc. (
TSX-V.TRCE) in an all-stock deal valued at about $63 million.
The deal is expected to close by the end of the year and requires a two-thirds vote by Terrance shareholders. More than one-third of Terrace's directors and senior executives – who own about 38%of the company's voting shares – have already pledged their support for the deal.
According to the report, the combined company would provide an additional $27 million in new financing, while advancing Flowr's international efforts in the European Union (EU).
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