Xylem completes $7.5bn all-stock acquisition of Evoqua

Xylem closed its all-stock acquisition of Evoqua Water Technologies in May 2023, a transaction valued at roughly $7.5 billion at announcement — the largest pure-play water technology deal on record. The combination added Evoqua's advanced treatment systems and its outsourced water 'water-as-a-service' franchise to Xylem's pumps, metering and digital portfolio.

The deal underscored a consolidation wave in industrial and municipal water services, and sharpened attention on recurring-revenue service models across the sector.