Watsco, Inc. completed the acquisition of Substantially all the assets and certain of the liabilities of Gateway Supply Company, Inc. for approximately $130 million.
September 04, 2023
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Watsco, Inc. (NYSE:WSO) entered into purchase agreement to acquire Substantially all the assets and certain of the liabilities of Gateway Supply Company, Inc. for approximately $110 million on July 28, 2023. The consideration includes $4 million of cash, net of cash acquired of $3.097 million, and the balance was paid by delivery of an aggregate of 280,215 shares of the Company?s Common stock, par value $0.50 per share.
Watsco, Inc. (NYSE:WSO) completed the acquisition of Substantially all the assets and certain of the liabilities of Gateway Supply Company, Inc. for approximately $130 million on September 1, 2023. Consideration for the net purchase price consisted of $4 million in cash, net of cash acquired of $3.102 million, and 280,215 shares of Common stock having a fair value of approximately $100 million, net of a discount for lack of marketability. Of the 280,215 shares of Common stock issued, 21,228 shares are subject to a contractual restriction that generally prohibits the sale or other transfer of such shares by GWS and its permitted transferees for a period of one year following the closing date with respect to half of such shares, and two years following the closing date with respect to the other half of such shares.
Watsco, Inc. is engaged in the distribution of air conditioning, heating and refrigeration equipment and related parts and supplies (HVAC/R) with locations in the United States, Canada, Mexico, and Puerto Rico, and on an export basis to Latin America and the Caribbean. The Company sells products to the commercial refrigeration market, which include condensing units, compressors, evaporators, valves, refrigerants, walk-in coolers, and ice machines for industrial and commercial applications. It also sells a variety of non-equipment products including parts, ductwork, air movement products, insulation, tools, installation supplies, thermostats, and air quality products. It distributes products manufactured by Flexible Technologies, Inc. (Flexible Technologies), Resideo Technologies, Inc. (Resideo), Copeland Corporation, LLC, The Chemours Company (Chemours), Mueller Industries, Inc. (Mueller), and Welbilt, Inc. (Welbilt), among others. The Company operates in approximately 692 locations.
Watsco, Inc. completed the acquisition of Substantially all the assets and certain of the liabilities of Gateway Supply Company, Inc. for approximately $130 million.
WATSCO, INC. 
