PRIMO WATER ANNOUNCES SHAREOWNER APPROVAL OF MERGER WITH BLUETRITON BRANDS

Core Points - The business combination transaction between Primo Water Corporation and BlueTriton Brands has been approved by approximately 99.9% of voting shareholders, representing about 89.2% of the total outstanding shares as of October 1, 2024 [2][5] - The transaction is expected to close on or about November 8, 2024, pending final court approval and satisfaction of customary closing conditions [3][4] - Following the closing, the company will be renamed "Primo Brands Corporation" and will trade on the NYSE under the ticker symbol "PRMB" starting November 11, 2024 [4][5] Company Overview - Primo Water Corporation is a leading provider of sustainable drinking water solutions in North America, operating primarily under a recurring revenue model in the large format water category [6] - The company's business strategy is likened to a "razor-razorblade" model, where the initial sale of water dispensers leads to recurring purchases of water solutions [6] - Primo Water's offerings include Water Direct, Water Exchange, and Water Refill, with extensive retail presence across approximately 11,700 locations for dispensers and 18,100 locations for water exchange services [6] Industry Context - The merger aims to create a leading North American branded beverage company focused on healthy hydration, combining the strengths of both Primo Water and BlueTriton Brands [5] - BlueTriton Brands operates a portfolio of well-known water brands and has a significant presence in home delivery and reusable packaging, contributing to sustainability efforts [9][10] - The combined entity is expected to enhance consumer access to purified, spring, and mineral water while promoting a healthier lifestyle and reducing plastic waste [7]