Westlake Chemical Corporation completed the acquisition of Ivy Group Holding SAS from OpenGate Capital, LLC.
January 02, 2019
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Westlake Chemical Corporation (NYSE:WLK) signed an exclusivity agreement to make an offer to acquire Ivy Group Holding SAS from OpenGate Capital, LLC for approximately $270 million on September 25, 2018. As part of consideration, Westlake will pay approximately $265 million in cash, subject to adjustments. As part of the transaction, the NAKAN trademark will be sold through the sale of all the outstanding capital of Ivy Group, while the Alphacan and Omniplast trademarks (also part of the Ivy Group before the transaction) will be retained by OpenGate Capital. NAKAN generated approximately $300 million of revenue in the most recent twelve-month period. The offer is subject to exclusivity protection while the transaction is subject to receipt of regulatory approvals, completion of required employee consultation procedures and other customary closing conditions. The binding offer will permit NAKAN to comply with its consultation obligations with French works councils prior to entering into a negotiated; mutually binding purchase agreement. The transaction is expected to close by early 2019.
Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Westlake Chemical Corporation. Lionel Spizzichino and Gabriel Flandin of Willkie Farr & Gallagher LLP acted as legal advisors, Moelis & Company (NYSE:MC) acted as financial advisor, Eric Douheret, Mohamed Sadok Hizem of PricewaterhouseCoopers LLP acted as accountants, while Anne-Valérie Attias-Assouline, Nicolas Arfel, Sandrine Cullaffroz-Jover, Yannick Olivier and Idris Hebbat of PwC Société d'Avocats acted as legal advisors for OpenGate Capital, LLC.
Westlake Chemical Corporation (NYSE:WLK) completed the acquisition of Ivy Group Holding SAS from OpenGate Capital, LLC on January 2, 2019.
Westlake Corporation is a manufacturer and supplier of materials and products that enhance life every day. The Company has operations in Asia, Europe, and North America. It provides building blocks for solutions from housing and construction to packaging and healthcare to automotive and the consumer. Its segments include Performance and Essential Materials and Housing and Infrastructure Products. The Performance and Essential Materials includes Westlake North American Vinyls, Westlake North American Chlor-alkali & Derivatives, Westlake European & Asian Chlorovinyls, Westlake Olefins, Westlake Polyethylene and Westlake Epoxy. The Housing and Infrastructure Products include Westlake Royal Building Products, Westlake Pipe and Fittings, Westlake Global Compounds and Westlake Dimex. Its products are used in diverse consumer and industrial markets, including residential construction, automotive products, water treatment, wind turbines, coatings as well as other durable and non-durable goods.
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