Utico, a provider of water management and treatment solutions, agreed to acquire Hyflux, a water treatment provider, for $293m. The deal will see Utico subscribe to $220m in Hyflux shares, giving it a 95% stake, and inject working capital of $73.4m. The agreement comes after debt-laden Hyflux entered a court-supervised restructuring process this year that threatened to wipe out the holdings of tens of thousands of retail investors.