Element Solutions to buy Coventya Holding in €420M deal

• 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.