Water measurement solutions giant Arad Group has bought a controlling interest in private Mexican water meter firm Cicasa. The purchased stake is valued at $2.04 million, according to Sys-Con Media.
Arad chief executive officer (CEO) Gabi Yankovitz said of the deal: "The acquisition of Cicasa is in line with the international expansion strategy of the Arad Group. The deal will increase Arad's revenues and the group will gain a strong foothold in the fast expanding Mexican market and the large Latin American market."
Under the terms of the transaction, Arad will take 51% of Cicasa's shares. The Israeli firm will also have an option to purchase the rest of the shares by May 2019 or April 2024, the report detailed.
The integration with Cicasa will help Arad expand its market reach and services. As of now, Mexican utilities are trying to decrease non-revenue water to improve the measurement of water consumption in the country, Sys-Con Media reported.
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