ADS to acquire NDS from Norma Group for ~$1.0B, ~$875M net of tax benefits

ADVANCED DRAINAGE SYSTEMS, INC.

All-cash deal adds NDS's $313M revenue (TTM June 2025) with ~90% U.S. sales; expected to close Q1 2026.
Transaction valued at ~$875M net of tax benefits, ~10x NDS adjusted EBITDA including expected cost synergies.
Over $25M in expected annual cost synergies, fully realized within three years; accretive to adjusted EPS in year one.
NDS adds complementary residential water management, access boxes, and irrigation products to ADS's portfolio.
Unanimous board approval; funded by cash on hand and existing credit line; advisors include Centerview and Jefferies.

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