High Tide (HITI) said Thursday it agreed to acquire a 51% stake in Remexian Pharma for a preliminary estimated purchase price of 27.2 million euros ($31.8 million), subject to adjustments.
The consideration will consist of 42% in High Tide common shares, 29% in cash, and 29% via loans from the sellers, the company said.
The company said the deal, expected to close in the coming weeks, implies an enterprise valuation of 53.4 million euros.
High Tide added that it will have an option to buy the remaining stake in Remexian.
Shares of High Tide were up more than 3% in recent premarket activity Thursday.
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