Watsco completes $103M acquisition of Gateway Supply plumbing/HVAC business

WATSCO INC

Purchase price of $103M paid with $4M cash and 280,215 shares of common stock.
Acquisition closed September 1, 2023; per previously reported July 28, 2023 purchase agreement.
Of the shares issued, 21,228 are subject to 1- and 2-year lock-up restrictions.
Shares issued in unregistered offering under Section 4(a)(2) and Rule 506; resale registration rights granted.
Acquires substantially all assets and certain liabilities of Gateway Supply Company's plumbing/HVAC distribution business.

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