Kuraray signs agreement to acquire Calgon Carbon
Kuraray has signed a definitive merger agreement to acquire Calgon Carbon for $21.50 per share in cash, amounting to a total equity value of approximately $1.1bn, and a transaction value of more than of $1.3bn, including Calgon Carbon’s indebtedness.
The definitive merger agreement was signed after the boards of directors of both the firms have their approval.
The deal is subject to customary closing conditions, including regulatory approvals and approval by Calgon Carbon stockholders.
This transaction is expected to close by the end of December.
Calgon will merge with a newly-created subsidiary of Kuraray, reported Cen.acs.org.
The combined company will offer filtration media, services, and equipment to water treatment customers.
Calgon Carbon chairman, president and CEO Randy Dearth said: “Not only does this transaction deliver premium value to our stockholders, it also benefits our customers and employees by making Calgon Carbon part of a much larger, stronger global company with resources to fully support our global activated carbon, filtration media and service businesses now, and well into the future.”
Kuraray representative director and president Masaaki Ito said: “For Kuraray, the integration of Calgon Carbon's excellent employees all around the world, their R&D and sales expertise, and their manufacturing operations will contribute to the expansion of our carbon materials business, which leads our key strategic areas such as ‘water and environment,’ and ‘energy.’ Together, Kuraray and Calgon Carbon will help advance human health and environmental sustainability by providing high performance carbon materials to the market.”
Morgan Stanley & Co. LLC is serving as the financial adviser and Jones Day is serving as legal counsel to Calgon Carbon.
Goldman Sachs and Co. LLC is serving as exclusive financial advisor and Mayer Brown LLP as legal counsel to Kuraray.