Cannabis company Aurora Cannabis Inc. completed its all-share acquisition of hemp food products manufacturer Hempco Food and Fiber Inc.
The transaction, valued at about C$63.4 million, was finalized after getting approval from the Supreme Court of British Columbia on Aug. 15 and meeting other closing conditions.
Following the deal's completion, Hempco will delist its shares from the TSX Venture Exchange and become a wholly owned subsidiary of Aurora.
Aurora will apply to the relevant securities commissions for Hempco to cease to be a reporting issuer under Canadian securities laws.
Edmonton, Alberta-based Aurora will pay C$1.04 per Hempco share, payable in Aurora common shares as part of the acquisition.
The two Canadian companies agreed on the acquisition in June, while 98.84% of Hempco's shareholders voted in favor of the transaction Aug. 13. The medicinal cannabis producer took control of Vancouver, British Columbia-based Hempco in May 2018 after lifting its stake in the company to 52.7%.
