TerrAscend to Acquire Gage Growth for About US$545 Million
BY MT Newswires
— 9:44 AM ET 09/01/2021
09:44 AM EDT, 09/01/2021 (MT Newswires) -- TerrAscend Corp. ( TRSSF ) , a North American cannabis multi-state operator, said Wednesday that it has agreed to acquire all of the issued and outstanding subordinate voting shares of Gage Growth Corp. ( GAEGF ) , a cannabis brand and operator.
On last look on Wednesday in Canada, TerrAscend's ( TRSSF
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) shares remained unchanged, while Gage Growth ( GAEGF
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) rose 3.2%.
Under the deal, shareholders of Gage will receive 0.3001 of a common share of TerrAscend ( TRSSF
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) for each Gage Share held, representing a total of about US$545 million (C$686.6 million). The exchange ratio implies a consideration of $2.11 (C$2.66) per Gage share.
Upon completion of the deal, the combined business will have operations in five US states and Canada, including seven cultivation and processing facilities and 23 operating dispensaries serving both medical and adult-use cannabis markets in the US and Canada.
Gage shares will be delisted from CSE upon closing of the transaction.
