Evonik Industries AG (DB:EVK) completed the acquisition of Performance Materials Division from Air Products and Chemicals, Inc..
The business generated $1.04 billion in revenue and $241 million of adjusted EBITDA over the last twelve months ending March 31, 2016. The transaction, which is subject to expiration or early termination of waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, regulatory approvals, certain third-party approvals and customary closing conditions and is expected to close before the end of 2016. The Board of Air Products and Evonik approved the transaction. The acquisition will be EPS accretive for Evonik in the year 2017. As announced on November 4, 2016, Evonik successfully placed bonds with a nominal value of 1.9 billion ($2.116 billion) in September 2016 and used the proceeds for financing the acquisition. The transaction has been approved by antitrust authorities in the USA, Germany and most European countries. Lazard Group LLC acted as financial advisor and Paul T. Schnell, Thomas W. Greenberg, C. Michael Chitwood, Thomas Greenberg, Steven Matays, David Rievman, Erica Schohn and Steven Sunshine of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Air Products. Thomas Sauermilch of McDermott Will & Emery LLP acted as legal advisor to Evonik Industries. JPMorgan Chase & Co. acted as financial advisor to Evonik Industries. Barclays acted as financial advisor to Evonik. The currency conversions are done using oanda.com as on November 4, 2016. Motonori Araki of Morrison & Foerster, LLP acted as legal advisor to Air Product and Chemicals, Inc
Evonik Industries AG (DB:EVK) completed the acquisition of Performance Materials Division (PMD) from Air Products and Chemicals, Inc. (NYSE:APD) on January 3, 2017. The transaction is financed through own funds of 1.9 billion ($1.79549 billion). The currency conversions is done using oanda.com as on September 30, 2016.