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Cannabis Aurora Cannabis to acquire ICC Labs in deal valued at $290-million

Cannabis seedlings at the Aurora Cannabis facility in Montreal.

Ryan Remiorz/The Canadian Press

Part of cannabis and investing

Aurora Cannabis Inc. has signed an agreement to acquire marijuana company ICC Labs Inc. in an all-stock deal it valued at $290-million.

Under the friendly agreement, ICC shareholders will receive 0.2448 of an Aurora share for each ICC share making the deal worth $1.95 a share.

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ICC shares closed at $1.79 on the TSX Venture Exchange on Friday.

Aurora says ICC has over 70 per cent market share in Uruguay, where cannabis is legal for adult consumer use. ICC also holds licenses in Colombia for the production of medical cannabis.

The transaction is subject to court approval and a two-thirds majority vote by ICC shareholders.

Union Group International Holdings Ltd., which holds about a 29 per cent stake in ICC, has agreed to support the deal.

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