Arkema S.A. (ENXTPA:AKE) entered into a Purchase and Sale Agreement to acquire Performance Adhesives Business of Ashland LLC for $1.7 billion on August 30, 2021.This deal will be financed fully in cash. For the 12 months ended June 30, 2021 EBITDA of the performance adhesives business is $82 million. The transaction is subject to receipt of regulatory approvals, approval of the antitrust authorities in the countries concerned and satisfaction of other customary closing conditions and expected to close by the end of calendar year 2021. As of November 1, 2021 Ashland currently expects the sale of the business to close in the March quarter of 2022. Ashland expects net proceeds from the sale to be approximately $1.2 to $1.3 billion, with the aim of using the proceeds to invest in the growth of the other core businesses as well as optimize its balance sheet and return capital to shareholders. The transaction is EPS accretive for year 1. Citi is acting as financial advisor to Ashland. Thomas E. Dunn and Allison M. Wein of Cravath, Swaine & Moore LLP and Carolyn Buller, Jonathon Whittlesey of Squire Patton Boggs LLP are acting as legal advisors to Ashland. Ronald R. Papa and Simon J. Sharpe of Proskauer Rose LLP acted as legal advisor to Arkema. Bertrand Moulet and Carole Daou of Lazard Frères acted as financial advisors to Arkema S.A. Ronald Papa, Simon Sharpe, Chris Ondeck, John Ingrassia, Jade-Alexandra Fearns, Gail Port, Aliza Cinamon, Andrea Rattner, Scott Faust, Daryn Grossman, Amanda Nussbaum, Maya Tarr, Baldassare Vinti, Chris Pennington from US team and Rebecca Villarreal, Kelly McMullon, Vikki McKay, Robert Gaut from UK team of Proskauer acted as legal advisor to Arkema in the transaction. Cleary Gottlieb Steen & Hamilton LLP acted as a legal advisor to Ashland LLC. Cleary Gottlieb Steen & Hamilton LLP acted as financial advisor to Citigroup Global Markets Inc.

Arkema S.A. (ENXTPA:AKE) completed the acquisition of Performance Adhesives Business of Ashland LLC on February 28, 2022.