Primo (PRMW) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
Primo Water stock was rising sharply Monday after the beverage manufacturer announced an agreement to merge with BlueTriton, the parent company of Poland Spring. Primo Water said in a press release that following the closure of the all-stock transaction the combined companies would generate $6.5 billion in annual revenue. Primo Water reported revenue of $1.77 billion in its fiscal year ended Dec. 30, 2023.
Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) ("Primo Water") and an affiliate of BlueTriton Brands, Inc. ("BlueTriton") today announced the entry into a definitive agreement to create a leading North American pure-play healthy hydration company in an all-stock transaction (the "Transaction") that was unanimously approved by their respective Boards of Directors. Upon closing of the Transaction, Primo Water shareholders and holders of incentive equity are expected to own 43% of the fully dilut