{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-25-212097","form_type":"8-K","ticker":"WMS","cik":"0001604028","company_name":"ADVANCED DRAINAGE SYSTEMS, INC.","filed_at":"2025-09-23T23:59:59+00:00","discovered_at":"2026-05-14T18:02:44.469820+00:00","generated_at":"2026-05-17T05:52:57.384623+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"ADS to acquire NDS from Norma Group for ~$1.0B, ~$875M net of tax benefits","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-25-212097","json":"https://secwatch.observer/filing/0001193125-25-212097.json","markdown":"https://secwatch.observer/filing/0001193125-25-212097.md","text":"https://secwatch.observer/filing/0001193125-25-212097.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1604028/000119312525212097/0001193125-25-212097-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1604028/000119312525212097/d920204d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T05:52:57.384623+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}