Platform Specialty Products CorpNYSE
Jul. 13, 2015, 3:58 AM
- Chemicals maker Platform Specialty Products (NYSE:PAH) has agreed to acquire British peer Alent (OTC:ALNXF) for £1.35B ($2.09B) in cash, with the for 503-pence-per-share offer representing a 49% premium to the latter's close on Friday.
- Including debt, the deal is worth $2.3B.
- The transaction "marks a further step in the Platform strategy of building a portfolio of best-in-class 'Asset-Lite, High-Touch' businesses in the specialty chemicals industry," says Platform Founder and chairman Martin Franklin.
- Alent's shares are +44% in London. (PR)
Jun. 1, 2015, 8:17 AM
- Funds managed by affiliates of Apollo Global (NYSE:APO) agree to purchase OM Group (NYSE:OMG) for $34 per share in cash - 28% above Friday's close.
- Apollo in turn will spin off OM's Electronic Chemicals and Photomasks businesses to Platform Specialty Products (NYSE:PAH) for $365M in cash. The businesses generated $28M of adjusted EBITDA last year, and PAH sees synergy opportunities north of $20M over the next two years.
Oct. 20, 2014, 8:06 AM
- Platform Specialty Products (NYSE:PAH) agrees to acquire agricultural chemicals maker Arysta LifeScience from a company backed by P-E firm Permira Holdings for ~$3.51B.
- Arysta, which had net sales of $1.5B in 2013, supplies insecticides, fungicides and herbicides.
- PAH says the acquisition will have no impact on its status as a U.S.-domiciled company.
- PAH also issues in-line guidance for Q3, seeing revenues of $195M-$197M vs. $197M analyst consensus estimate and adjusted EBITDA of $51M-$52M, which PAH says would represent a record quarter.
Apr. 17, 2014, 7:47 AM
- Chemtura (CHMT) agrees to sell its agrochemicals business to Platform Specialty Products (PAH) for ~$1B, as CHMT moves to focus on industrial chemicals such as fumigants and lubricants.
- The agrochemicals unit last year generated revenue of ~$450M and EBITDA of ~$100M.
- PAH management has made clear its ambition to grow into a leading player in the specialty chemical sector via acquisitions.
- The deal will be paid for with $950M in cash and 2M PAH shares.