We are advising Advanced Drainage Systems on the transaction 

Davis Polk is advising Advanced Drainage Systems, Inc. on its acquisition of the water management business of Norma Group SE, known as National Diversified Sales (NDS), in an all-cash transaction valued at approximately $1 billion. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to close in the first quarter of 2026.

Advanced Drainage Systems is a leading manufacturer of innovative stormwater and onsite wastewater solutions that manage the world’s most precious resource: water. ADS and its subsidiary Infiltrator Water Technologies provide products used in a wide variety of markets and applications, including commercial, residential, infrastructure and agriculture. ADS manages the industry’s largest company-owned fleet, an expansive sales team and a vast manufacturing network of approximately 63 manufacturing plants and 38 distribution centers. The company, founded in 1966, is one of the largest plastic recycling companies in North America, ensuring over half a billion pounds of plastic is kept out of landfills every year.

Established in 1972, NDS made history by manufacturing the first plastic catch basin for landscape drainage. This milestone marked the beginning of a tradition of innovation and growth that has continued for decades, making NDS today the number one trusted brand for stormwater, irrigation and flow management solutions in the Americas. NDS was acquired by NORMA Group, a global leader in highly engineered joining technologies, in 2014.

The Davis Polk corporate team includes partner Harold Birnbaum and associates F. Adam Abulawi and Leah Shatkin. Partner Travis Triano and associate Elizabeth Smith are providing executive compensation advice. Partner William A. Curran and associate Dmitry Dobrovolskiy are providing tax advice. Partners Nathaniel L. Asker and Matthew Yeowart are providing antitrust and competition advice. Partner Frank Azzopardi and associate Lachlan J. Forrester are providing intellectual property advice. Partner Shane Tintle is providing capital markets advice. All members of the Davis Polk team are based in the New York office. 

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