Element Solutions to buy Coventya Holding in €420M deal

Jun. 11, 2021 7:17 AM ETElement Solutions Inc (ESI)ESIBy: Carl Surran, SA News Editor
  • Element Solutions (NYSE:ESI) says it has made an offer to acquire Coventya Holding, a global provider of specialty chemicals for the surface finishing industry, for €420M ($511M) in cash, including the assumption of debt.
  • Element Solutions expects the acquisition to add $0.07 to annualized adjusted EPS before synergies, representing ~5% accretion based on adjusted EPS guidance of $1.30 or greater for FY 2021.
  • The company foresees synergies totaling at least €13M annually over the two years following the deal closing.
  • Element Solutions looks competitively valued compared to peers, Another Mountain's Rock Investing writes in a bullish analysis newly published on Seeking Alpha.

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