---
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"
generated_at: "2026-05-17T05:52:57.384623+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-212097
- JSON: https://secwatch.observer/filing/0001193125-25-212097.json
- Plain text: https://secwatch.observer/filing/0001193125-25-212097.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.