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  "documentTitle": "Xylem Inc. (XYL)",
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  "presentationDate": "2023-08-09 00:00:00",
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      "text": "Spruce Point believes there are intercompany sales and purchases between Xylem and Evoqua, as well as competition overlap, but that the merger proxy fails to adjust for these transactions when depicting the pro forma combined organization. While management dangles revenue synergy potential (without quantification), a former high-level executive told us they'll be harder to achieve than people think while another said to mark them at zero.",
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      "text": "Spruce Point believes there are intercompany sales and purchases between Xylem and Evoqua, as well as competition overlap, but that the merger proxy fails to adjust for these transactions when depicting the pro forma combined organization.",
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      "text": "Xylem Executive Interview: Spruce Point Question vs Former Xylem Executive Response",
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      "text": "Yes. Evoqua was a customer. They're an OEM, they take and put things together and sell the package. So for example, they would buy Gould's pumps and put it into a package and deploy modular treatment packages. Yes, there was competitive overlap though fairly small in UV line to disinfect water like cryptosporidium. I think there will be revenue synergies, but they'll be harder than people think. — Former Xylem Executive",
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      "text": "Source: Proxy Statement",
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      "text": "Xylem's Pro Forma Income Statement Appears To Be Misleading By Not Removing Intercompany Sales",
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