Apollo Agrees to Buy OM Group in $1B+ Take-Private LBO
June 02, 2015
Apollo Global Management has agreed to acquire OM Group (NYSE: OMG) for $34 per share in cash, or about $1.03 billion. The purchase price represents a 28% premium over the company's closing price last Friday; the deal is expected to close by the end of 2015 and fully committed debt financing is being provided by Credit Suisse.
OM Group is a technology-driven diversified industrial company serving markets such as automotive systems, electronic devices, aerospace & defense and medical. As part of the deal, Apollo will sell OM Group's Electronic Chemicals and Photomasks businesses, which combined for about $28 million of adjusted EBITDA in 2014, to Platform Specialty Products (NYSE: PAH) for cash consideration of $365 million. Apollo will retain the Magnetic Technologies, Battery Technologies and Advanced Organics units.