Blue Sea is in the process of acquiring the Radon Systems Inc. business and the acquisition is expected to close in the fourth quarter of this year, according to people familiar with the matter.
Blue Sea has been working with Radon for about two years on the Radons health and education initiatives, according a person familiar with its plans.
The company is seeking a $7 billion capital infusion to fund the acquisition and plans to begin offering grants in the first half of 2020, the person said.
The Radons Radon mitigation systems, which are currently used by the University of Miami’s Health Science Center and others, are based on a commercial product developed by Blue Sea.
The technology is designed to reduce radon emissions and help reduce indoor air pollution.
The companies’ Radon systems are expected to become available in the United States in the third quarter of 2020 and will be available to more countries around the world, according the people.
The deal is subject to regulatory approvals, according.
Blue Seas Radon products are expected have a lifetime of 20 years and are sold in 20 countries.
BlueSea acquired Radon Technologies Inc., which had $8.7 billion in revenue in 2016.